Connect with us

Hi, what are you looking for?

Right Decision NowRight Decision Now

World News

Toyota’s October global vehicle production up 23%

TOKYO — Toyota Motor Corp. reported on Tuesday a 23% rise in October global vehicle output, beating its own target for a third month in a row, as the industry strives to get past persistent chip shortages that have hobbled production.

The Japanese automaker produced 771,382 vehicles globally in October, above a downgraded target of 750,000 units and up 23% from the same month a year earlier.

But growth slowed from record monthly output of more than 887,000 cars manufactured in September, and Toyota continues to face supply chain disruptions as China battles nationwide coronavirus disease 2019 (COVID-19) outbreaks and implements restrictions and lockdowns.

The company said on Tuesday it was adjusting some operations in China due to COVID lockdowns.

Earlier this month Toyota cut its annual output target, as it battles surging material costs and a persistent chip shortage.

A Toyota executive in charge of purchasing said at the time that the global auto chip shortage would continue, as chipmakers have prioritized supplies for electronics goods, while natural disasters, COVID lockdowns and factory disruptions have slowed a recovery in auto chip supplies.

Toyota expects to produce 9.2 million vehicles this fiscal year ending March 2023, down from the previous forecast of 9.7 million but still ahead of last financial year’s production of about 8.6 million units. — Reuters

    You May Also Like

    Business

    The head of the International Monetary Fund has warned of increased risks to the stability of the financial system after weeks of banking sector...

    Business

    The Home Office has made next to no progress in tackling criminal fraud during the past five years, despite it having become Britain’s most...

    Business

    Mark Zuckerberg has laid off more than 11,000 Meta’s employees, about 13 per cent of its global workforce, in what he described as “some...

    Business

    1.22 billion people use Instagram every month. That’s a huge number of Instagrammers trying to hit it big on the platform all at the...

    Disclaimer: rightdecisionnow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 rightdecisionnow.com | All Rights Reserved