Toyota Motor’s global production jumped 11% in November, reaching a record level, bouncing back from the previous year’s supply chain disruptions. It surged on the back of robust demand both in Japan and overseas. Output last month reached a whopping 926,573 vehicles, while the company’s worldwide sales increased 14% from a year earlier when automakers globally were struggling with shortages of semiconductors. The production figures include Toyota’s Lexus luxury brand as well.
Sales volumes rise
In terms of domestic sales, the company reported a high of 27% while sales in both the United States and China increased by 17%, and those in Europe climbed 15%. The result puts the world’s largest automaker on track for achieving global sales volume of more than 10 million Toyota and Lexus-branded vehicles in 2023 – which will also be a record.
Poised to remain world’s best-selling carmaker
If sales remain consistent, Toyota Motor is poised to keep its title as the world’s best-selling carmaker, beating Volkswagen AG for the fourth consecutive year. The carmaker has been making and selling an unprecedented number of automobiles throughout the year. Around a third of the vehicles sold so far this year have been gasoline-electric hybrids, thus creating a dominance in the hybrid cars space. The company is pushing forward with plans to mass produce electric vehicles and catch up with Elon Musk’s Tesla and China’s BYD Co.
Toyota’s Daihatsu dragged into a scandal
Impact of recent scandals that Toyota was involved in, hasn’t yet reflected in the results. Last week, the company was dragged into a growing scandal after an investigation found that Daihatsu had manipulated collision safety data dating as far back as 1989. The small car maker has suspended operations through January and will compensate its partners for the losses they incur. Last year, Toyota suffered a different scandal with its other major subsidiary, Hino, over falsified emissions data.