Toyota’s October global vehicle production rose 23% above target | Jobs Reply

TOKYO, Nov 29 (Reuters) – Toyota Motor Corp ( 7203.T ) on Tuesday reported a 23% rise in global vehicle production in October, beating its own target for the third month in a row, as the industry tries to chip away at the past. Shortages that hampered production.

The Japanese automaker produced 771,382 vehicles worldwide in October, down from a target of 750,000 units and up 23% from the same month a year earlier.

But growth slowed from a record monthly output of more than 887,000 vehicles built in September, and Toyota faces supply chain disruptions as China battles a nationwide COVID-19 outbreak and enforces restrictions and lockdowns.

The company said on Tuesday that it is adjusting some operations in China due to the Covid lockdown.

Toyota earlier this month cut its annual output target, as it battles rising component costs and persistent chip shortages.

A Toyota executive in charge of procurement said at the time that global auto chip shortages would continue, as chipmakers prioritized supplies of electronics products, while natural disasters, Covid lockdowns and factory disruptions slowed the recovery of auto chip supplies.

Toyota expects to produce 9.2 million vehicles in the fiscal year ending March 2023, down from an earlier forecast of 9.7 million but still ahead of last fiscal year’s production of about 8.6 million units.

Reporting by Satoshi Sugiyama; Edited by Muralikumar Anantharaman and Edmund Claman

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