Toyota Motor, the world's largest automaker by sales, defied odds and set new records in October 2023. The company reported a record-breaking production of 900,285 vehicles globally, a 16.7% increase from the previous year, despite overcoming semiconductor shortages and an incident at a supplier's facility.
Unprecedented Rise in Production and Sales
Toyota's records were not limited to production alone. The automaker also reported a new high for overseas production and sales in the same month. Overseas production rose by 8.7% to 617,590 vehicles, while global sales witnessed a 7% increase with 890,241 vehicles sold. Overseas sales saw a 5.2% raise, selling 756,245 vehicles. This surge in production and sales underlines Toyota's resilient performance amidst supply chain challenges and portrays its capability to meet the escalating demand in the global auto market.
Production and Sales by Region
Breaking down the numbers by region, Toyota's sales in Japan grew 17.8%, North America saw a 7.4% increase, and Europe had a significant jump of 15.2%. Meanwhile, in China, the world's biggest auto market, while there was a 2.6% decline in production due to intensifying competition, there was a 1.5% growth in year-on-year sales. However, both output and sales in Thailand and Vietnam fell in October due to tougher economic conditions.
Overcoming Challenges and Setting Records
Despite a temporary production halt in Japan due to an explosion at a parts supplier's factory, Toyota managed to increase domestic production by a staggering 39.2% year-on-year to 282,695. The automaker attributed this increase to the easing of the chip shortage. Moreover, Toyota sold more than 8.46 million vehicles during the first 10 months of the year, including its luxury Lexus brand, demonstrating the company's resilience and adaptability in challenging times.