Toyota surpasses 9.1-M global annual output target

MANILA: Toyota Motor Corporation has surpassed its goal of producing 9.1 million vehicles in the fiscal year that ended in March, breaking the previous record for global annual output, as factory disruption from COVID-19 pandemic lockdowns and global chip supply issues subsided.

However, Toyota reported that the long-running global chip shortage is still having an impact and it is still difficult to foresee how it would play out in the future.

According to Toyota, it surpassed its target by a little margin, producing 9.13 million vehicles in the year that ended on March 31 after initially setting a goal of 9.7 million due to industry disruption.

In the prior fiscal year, Toyota was able to produce 8.57 million vehicles.

Toyota’s global sales also increased to 9.61 million vehicles from 9.51 million the year before, setting yet another annual record for the company.

Toyota also revealed that it delivered 17,473 battery electric vehicles worldwide in the first three months of 2023, including those under the Lexus brand. This is less than the 24,466 battery electric vehicles sold by Toyota worldwide in the entire 2022.

Photo from Toyota Motor Philippines

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