Toyota hits record annual output, sales on account of robust demand | World News

Toyota Motor said on Thursday its global sales and production hit record highs in the year ended March 31, supported by robust demand and the absence of semiconductor supply constraints it had to endure in recent years.

 

Still, Toyota plans to delay the start of its electric vehicle (EV) production in the US and trim domestic production to ensure product safety and quality after a series of scandals at its group firms, the Mid Japan Economist newspaper said.

 

For the year ended March, Toyota said its parent-only global sales rose 7.3 per cent to 10.31 million units year-on-year, surpassing the 10 million mark for the first time, while its output came to 9.97 million units, up 9.2 per cent on the year.

 

The world’s largest automaker by volume, however, saw its sales and production fall in March amid fierce competition in China, the world’s largest auto market.

 

Toyota’s global sales in March slid 2.1 per cent from a year earlier to 897,251 units, and its output declined 10.3 per cent to 807,026 units.

 

Its global battery EV sales in the year ended March jumped more than threefold to 116,654 units.

 

Toyota plans to push back the start of its EV production in the US to the spring of 2026, from the original plan of 2025, according to the newspaper report, which added that the automaker plans to intentionally set up a “pause” period in its business to ensure quality and safety.

 

Toyota officials were not immediately available to comment.

 

Shares of the company were trading down about 3 per cent at 3,509 yen in mid-afternoon in Tokyo.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Apr 25 2024 | 11:53 AM IST