Toyota Achieves Record Number Of Vehicles, But Shortages Loom

Toyota Motor Corp said its global manufacturing achieved a record in November, thanks in part to strong customer demand, but it warned of an uncertain outlook due to a chronic semiconductor shortage and an increase in Covid cases in China. Last month, the world's largest manufacturer produced 833,104 automobiles, a 1.5% rise over the previous year. The company said in a statement on Monday that global sales increased 2.9% to 796,484 devices.

Vehicle output reflects strong demand in countries such as North America, as well as a resurgence from a year ago, when Covid outbreaks in Southeast Asia interrupted supply chains. The auto industry is still plagued by chip and other automotive part shortages, and it will confront further hurdles as a result of the rapid expansion of Covid cases throughout China.

Toyota lowered its global production target for the fiscal year through March in early November, while maintaining a conservative profit forecast due to chip shortages. Toyota's domestic output fell 3.3% year on year to 266,174 units in November, while international output increased 3.8% to 566,930 units, according to the statement.

Output and sales was 982,552 units and 884,112 units, respectively, when vehicles built by subsidiaries Daihatsu Motor Co and Hino Motors Ltd were included. Toyota shares were up less than 1% as of midday in Tokyo, bringing the year's drop to over 13%.