Domestic production in Japan decreased by 3.3% to 266,174 vehicles, while overseas output rose 3.8% to an all-time high of 566,930 for the month.
The company attributed the increase in global sales and production to solid demand, particularly in North America, and a recovery in parts supplies that had been impacted by the COVID-19 pandemic. Toyota had previously expected to produce 9.7 million vehicles this fiscal year but revised the target down to 9.2 million in November due to rising materials costs and a shortage of semiconductors. Despite the decrease, the revised goal is still ahead of last year's production of approximately 8.6 million units.
Impact of COVID-19 on Toyota's Production Goals
The COVID-19 pandemic has had a significant impact on Toyota's production goals and operations. In January, the company expected to produce 700,000 vehicles, a decrease from its original target of 9.7 million for the fiscal year. The reduction in production goals was due to rising materials costs and a shortage of semiconductors, which have affected many industries worldwide.
Despite the challenges posed by the pandemic, Toyota has managed to maintain strong demand, particularly in North America, and has seen a recovery in parts supplies. This has allowed the company to exceed last year's production levels and reach a new record in November.
Looking ahead, it remains to be seen how the ongoing pandemic and other factors will continue to impact Toyota's production and sales. However, the company's strong performance in November suggests that it is well-positioned to weather any challenges that may come its way.