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Toyota achieves record global output in response to surging overseas demand

Tokyo, December 27, 2023, The Europe Today: Toyota Motor Corp said Wednesday its global output from January to November reached 9.23 million vehicles, soaring to a new single-year record with still one month left in 2023, helped by robust demand in North America and Europe.

The all-time high came as the automaker’s worldwide production for November rose 11.2 percent from a year earlier to 926,573 cars, a single-month record. The previous high in a full year was 9.05 million units in 2019.

An easing in the global chip shortage contributed to growth in production outside of Japan, with the figure for November increasing 7.9 percent to 611,656 vehicles, a record for the month. Domestic production rose 18.3 percent to 314,917 cars.

The automaker is also ramping up production in December, setting it on a course to produce over 10 million Toyota and Lexus-branded units in a year for the first time.

Global sales for November grew 13.6 percent to 905,066 units, a record for the month, driven by solid results in North America, Europe and China.

Sales outside of Japan increased 11.5 percent to 765,317 units, also a record high for the month, helped by the popularity of hybrid cars amid a slowing in demand for electric vehicles. Domestic sales soared 27.1 percent to 139,749 cars.

The automaker sold 343,981 units of electrified cars globally in November, a category that includes hybrid, full electric and fuel cell vehicles. The figure represents a 53.4 percent rise from a year earlier.

Toyota benefitted from a pick-up in global economic activity in the wake of the coronavirus pandemic, it said.