© Stocksak. FILE PHOTO: Toyota Motor Corporation’s cars were seen at a briefing about the company’s plans on battery EVs in Tokyo (Japan) December 14, 2021. REUTERS/Kim Kyung-Hoon/File Photo
TOKYO (Stocksak), – Toyota Motor (NYSE 🙂 Corp Friday announced that global production rose by 30% in the September quarter. However, the company warned that shortages of semiconductors would continue to limit output in the months ahead.
Toyota produced 887733 vehicles globally in September. This is a record for a single monthly and an increase of 73% over the same month a decade earlier. Toyota spokesperson warned that the September output gains were not sustainable and stated to reporters that they would not call this a recovery.
Global sales rose 4% for the July-September quarter according to Stocksak calculations, based upon the company’s disclosures.
Toyota produced 4,481,600 cars worldwide in the first half-year of its business year that began in April. Although this was a 10% increase on the previous year, it was still 5% below Toyota’s original plans.
The announcement came one week after Toyota announced that it was unlikely that it would meet its 9.7million vehicle production goal for the financial year because of a shortage in chips. It didn’t offer a new forecast.
Stocksak reported that Toyota had told suppliers it would set a global goal for the year ending March 2023 at 9.5 million vehicles. They also indicated that the forecast could be lower depending on the availability of steel.
Toyota would need to produce approximately 12% more in October and March than the previous six months based on reported results.
The spokesperson declined comment to discuss a new production target.
Toyota stated that Japan’s production of semiconductors has been hit harder than Japan’s overseas factories due to shortages. Toyota’s domestic production grew just 10% from the previous quarter to September.
Toyota will report quarterly results on Tuesday for the July toSeptember period.