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Toyota's October global output hits record despite supplier accident

Published Nov 28, 2023 11:33PM ET
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© Reuters. FILE PHOTO: Tundra trucks and Sequoia SUV's exit the assembly line as finished products at Toyota's truck plant in San Antonio, Texas, U.S. April 17, 2023. REUTERS/Jordan Vonderhaar/File Photo

TOKYO (Reuters) - Toyota Motor (NYSE:TM) said on Wednesday its October global vehicle production hit a record for that month, helped by an easing of the semiconductor shortage and defying the impact of an accident at a supplier facility.

The world's largest automaker by sales said it produced 900,285 vehicles worldwide, up 16.7% from the same period a year earlier.

Overseas productions hit a record high for a single month, rising 8.7% at 617,590. Global and overseas sales reached record highs for the month of October, increasing 7% to 890,241 and 5.2% to 756,245 respectively.

Toyota sold more than 8.46 million vehicles during the fist 10 months of the year, including its luxury Lexus brand.

Toyota last month suspended work at several group factories in Japan for more than a week due to the accident at valve spring maker Chuo Spring.

Nevertheless, domestic production, which accounted for just over a third of the vehicles it produced during that month, rose 39.2% year-on-year to 282,695. The automaker credited the increase to the easing of the chip shortage.

The production disruption is expected to weigh heavily on Japan's October industrial output data to be announced Thursday, a Reuters poll showed.

Toyota's sales in Japan grew 17.8% while those in North America rose 7.4% and Europe's jumped 15.2%.

In China, the world's biggest auto market, Toyota reported a 2.6% decline in production, citing intensifying competition, but 1.5% growth in year-on-year sales.

Meanwhile, output and sales in Thailand and Vietnam fell in October due to tougher economic conditions.

Toyota's October global output hits record despite supplier accident
 

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