Toyota Motor Corp. raised its global vehicle production in January by 9%, the first increase in three months. Despite this, the company still fell short of its target due to supply chain issues brought on by COVID-19.
By volume of production and sales, Toyota, the largest carmaker in the world, manufactured 689,090 automobiles in January 2023, up 8.8% over the same month the previous year.
This fell slightly short of the company’s 700,000 unit output target. Daihatsu Motor Co. and Hino Motors Ltd.’s products are not included in this production.
According to reports, domestic car output rose by 30% to 211,572 units. The COVID-19-related lockdowns and chip shortage had a significant influence on last year’s domestic production estimates.
Toyota’s global sales, however, decreased by 5.6% to 709,870 vehicles as a result of the chip shortage’s ongoing effects.
The introduction of new electric vehicles has apparently been “dramatically” hastened by Koji Sato, Toyota’s new CEO (EVs). A new leadership team and an EV plan built around a platform slated to be next-generation in 2026 were both unveiled by Sato on February 13th.
Toyota Motor Corporation has come under fire from investors, environmentalists, and EV aficionados for trailing in the worldwide EV race.
With a three-pronged approach that focuses on a new EV strategy, software-first initiatives, and Asian carbon neutrality, Sato will replace Akio Toyoda as Toyota’s new CEO on April 1.
The business will launch its first luxury EV under the Lexus name under his direction. According to the company’s objectives, Toyota EVs will target the economy car sector.