Toyota Motor Corp. announced that its global production in the previous month surged by 35% compared to the same period last year, reaching a record high of 947,874 vehicles. The increase in production attributed to the ongoing alleviation of supply disruptions caused by the pandemic. Concurrently, Toyota experienced an 11% growth in sales during the same period.
Output of Toyota-branded cars and Lexus models reached 847,000 units, according to a company’s forecast. Including brands Daihatsu Motor Co. and Hino Motors Ltd., Toyota sold 906,715 vehicles globally last month.
The world’s biggest automaker said “To respond to the robust demand, we have been increasing domestic as well as global output, leading to the highest output in May,”.
Toyota sold 9,923 battery electric vehicles in May, up from about 8,500 in April, with the vast majority going to buyers outside of Japan. The automaker has set a target to produce 1.5 million battery EVs a year by 2026. Toyota shares slipped 0.5%. They’re up 26% this year.
Separately, Honda Motor Co. said its May production also rose 35% from a year earlier to 329,066 vehicles, the third-straight monthly increase. Global sales for Japan’s second-largest automaker climbed 24% to 325,641 units, helped by a strong performance in the US.
Similarly, Nissan Motor Co. reported a 19% increase in both production and sales compared to the same period last year. Nissan produced 274,551 vehicles and sold 274,545 units, demonstrating positive momentum in their operations.