Toyota Motor Corp. increased its global vehicle production by 9% in January — the first increase in three months — but still fell short of its goal due to COVID-19-induced supply chain challenges.
Toyota, the world’s largest automaker by production and sales volume, produced 689,090 vehicles worldwide in January 2023, an increase of 8.8% compared to the same time last year.
This was just short of the company’s production goal of 700,000 units. This output does not include units produced by Daihatsu Motor Co. and Hino Motors Ltd.
It was reported that domestic production increased by 30% to 211,572 vehicles. The chip shortage and COVID-19-related lockdowns negatively impacted last year’s domestic production figures.
Toyota’s global sales, however, dropped by 5.6% to 709,870 vehicles due to the continued impact of the chip shortage.
Electric Vehicle Production
Koji Sato, Toyota’s new CEO, has reportedly “dramatically” accelerated the rollout of new electric vehicles (EVs). On February 13, Sato announced a new leadership team and an EV strategy centered around a next-generation platform expected in 2026.
Investors, environmentalists, and EV enthusiasts have criticized Toyota Motor Corporation for falling behind in the global EV race.
On April 1, Sato will take Akio Toyoda’s spot as Toyota’s new CEO and focus on a three-pronged strategy that includes a new EV strategy, software-first initiatives, and Asian carbon neutrality.
Under his leadership, the company will roll out its first luxury EV under the Lexus badge. Toyota EVs will target the economy car segment, according to the company’s plans.