Toyota's global sales notch up a February record as parts shortage eases
Reuters
Published Mar 30, 2023 12:33AM ET
TOKYO (Reuters) - Toyota Motor (NYSE:TM) Corp said on Thursday that global sales hit a record for the month of February as it bounced back from severe pandemic-induced parts shortages, adding that worldwide production also increased for a second straight month.
Japan's biggest automaker said in a statement, however, that shortages of parts continue to be a problem. During the pandemic, it fared better than most car makers in managing supply chains, but even so ended up cutting monthly production targets repeatedly last year.
Last month, its global sales jumped 10.3% to 773,271 vehicles, driven by a blistering 53.2% climb in domestic sales. That compares with a particularly weak February last year when sales sharply declined due to a lack of semiconductors.
It said worldwide production of Toyota-branded vehicles rose 2% to 755,839, slightly ahead of its goal of 750,000. The increase comes after an 8.8% jump in January.
Domestic production continued to show a strong recovery, climbing 11.2% in February after a 30.1% surge in January.
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Written By: Reuters
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