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Toyota produces record number of vehicles but shortages loom
[Image: toyota_25102022_reuters_1.png?h0Y6NG9mV5...ve3yO38CxA]

(Dec 26): Toyota Motor Corp said its global output hit a record for November, thanks in part to 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 world’s No 1 automaker produced 833,104 vehicles last month, an increase of 1.5% from a year earlier. Global sales rose 2.9% to 796,484 units, the company said in a statement on Monday (Dec 26).

Output for vehicles reflects solid demand in areas such as North America, and a rebound from a year earlier when Covid-19 infections in Southeast Asia disrupted supply chains. The auto industry is still dogged by shortages of chips and other car parts, while it will also face challenges stemming from the rapid spread of Covid cases across China. 

In early November, Toyota cut its global production target for the fiscal year through March while sticking with a conservative profit outlook because of chip shortages.

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