Toyota's global output hits a record in November, buoyed by solid demand
Toyota Motor has informed that its global output for the month of November has hit a record buoyed by solid consumer demand, though it warned of an uncertain outlook due to a persistent shortage of semiconductors and spikes in Covid cases in China. The company, which is the world's No. 1 automaker, produced 833,104 vehicles last month, an increase of 1.5% from a year earlier. The company's global sales rose 2.9% to 796,484 units.
The vehicle output reflects solid demand in places such as North America, and also reflects the result of rebound from a year earlier when Covid infections in Southeast Asia disrupted supply chains. Though the auto industry is still reeling under the shortages of chips and other car parts, it is bound to also face challenges stemming from the rapid spread of Covid cases across China.
In early November, the automaker had cut its global production target for the fiscal year through March while sticking with a conservative profit outlook because of chip shortages. Its domestic output for last month declined 3.3% from a year earlier to 266,174 units while its overseas output was up 3.8% to 566,930 units.
Including vehicles assembled by subsidiaries Daihatsu Motor Co. and Hino Motors Ltd., output and sales totaled 982,552 units and 884,112 units, respectively. The company's shares edged up less than 1% as of midday in Tokyo, paring the decline this year to about 13%.
In a separate development, the company's president Akio Toyoda has recently expressed his skepticism about all-electric vehicles. He believes most auto industry people think similarly but never express their disapproval of EV-only strategy. He believes that the silent majority of the auto industry is wondering whether EVs are really okay to have as a single option for electrification, but they don't speak out loud as it is a trend.