Toyota Records Unprecedented 33.4% Spike in Global Vehicle Production Amid Semiconductor Shortage Recovery

Amidst recovering from semiconductor shortages, Toyota Motor Corp has reported an unprecedented 33.4% upsurge in global vehicle production for May, setting new benchmarks in Japan and overseas. The Japanese automaker, countering minor setbacks in China with robust output in North America and Europe, anticipates reaching the 10 million unit milestone by next March.

In Japan, production saw a remarkable increase of 72.2%, reaching 248,287 units. Overseas production also experienced significant growth of 22.0%, totaling 598,713 units, setting a new record for May. Notably, production in China declined due to stringent vehicle emissions standards. Still, it was offset by strong output in North America and Europe, driven by a rebound from the previous year's semiconductor shortages.

Global sales continued their upward trend, rising by 10.1% in May to reach 838,478 units, marking the fourth consecutive month of growth. Moreover, exports surged by 46.7% to 141,774 units, driven by strong demand in countries like Indonesia and the Philippines, which experienced favorable economic conditions. Major car models also performed well in India, boosting sales, as reported by the Japanese automaker.

Domestic sales in Japan, including mini vehicles, achieved an impressive growth of 35.1%, reaching 116,954 units, marking the fifth consecutive month of increase. Looking ahead, Toyota aims to achieve a significant milestone of manufacturing and selling over 10 million units globally by March next year.

The combined global production of Japan's eight major automakers, including Toyota, grew by 28.0% in May, reaching a total of 2.08 million units, according to their data. Nissan Motor Co observed an 18.5% increase in production, totaling 274,551 vehicles, supported by robust domestic production.

Honda Motor Co experienced a 34.7% rise, with 329,066 units produced, driven by solid output in the United States. Subaru Corp and Suzuki Motor Corp also witnessed growth in their global output, registering increases of 25.0% (80,354 vehicles) and 8.3% (272,032 units), respectively, partly attributed to their Indian production. The combined global sales of the eight manufacturers increased by 15.1% to 2.02 million vehicles, with all manufacturers except Mitsubishi Motors Corp reporting gains in sales.

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