Toyota: Toyota's global production rises 5.8 percent and rebounds after scandal

Copyright © BusinessAMBE 2023 Key takeaways Toyota's global auto production rose 5.8 percent in February. Domestic production rose 16.2 percent to 286,372 units. Overseas production rose 0.6 percent, reaching a record high of 493,418 vehicles. Toyota reported a 5.8 percent increase in global auto production for February compared to the same month last year. This increase brought total production to 779,790 vehicles and reflects the automaker's recovery from a safety testing scandal that affected production last year. The figures also include Toyota's luxury brand Lexus. Domestic production rose 16.2 percent to 286,372 units. This rebound was attributed to the recovery in sales following the scandal involving improper certification and safety tests at subsidiaries Daihatsu Motor Co. and Toyota Industries Corp. Overseas production experienced a modest 0.6 percent increase, reaching a record high of 493,418 vehicles in February. Notably, Chinese production rose 25.6 percent thanks to an increase in operating days. Global sales and regional distribution While production in Europe fell 18.0 percent due to fewer operating days, North America experienced a slight decline of 1.1 percent. Global sales mirrored the production trend with growth of 5.8 percent to 761,717 units. Domestic sales rose 28.2 percent to 133,287 cars, thanks in part to the launch of new models. Overseas sales rose 2.1 percent, reaching a record high of 628,430 vehicles in February. Regional developments and market impact The Chinese market showed robust growth of 15.0 percent thanks to successful promotional campaigns. Sales in Europe increased 1.7 percent, while sales in North America fell 6.5 percent due to fewer operating days and limited availability of hybrid models. Despite this dip, Toyota stressed that demand for its vehicles remained strong in the region. These positive developments came against the backdrop of President Donald Trump's announcement on March 26 to impose a 25 percent tariff on imported cars and parts, effective April 2 . The goal was to boost domestic production in the United States ; however, concerns arose over potential disruptions to global supply chains, reduced investment, higher costs and the threat of inflation, which would jeopardize global economic growth. If you want access to all articles, enjoy our promo temporarily and subscribe here! © The Content Exchange, source News Copyright © BusinessAMBE 2023 Key takeaways Toyota's global auto production rose 5.8 percent in February. Domestic production rose 16.2 percent to 286,372 units. Overseas production rose 0.6 percent, reaching a record high of 493,418 vehicles. Toyota reported a 5.8 percent increase in global auto production for February compared to the same month last year. This increase brought total production to 779,790 vehicles and reflects the automaker's recovery from a safety testing scandal that affected production last year. The figures also include Toyota's luxury brand Lexus. Domestic production rose 16.2 percent to 286,372 units. This rebound was attributed to the recovery in sales following the scandal involving improper certification and safety tests at subsidiaries Daihatsu Motor Co. and Toyota Industries Corp. Overseas production experienced a modest 0.6 percent increase, reaching a record high of 493,418 vehicles in February. Notably, Chinese production rose 25.6 percent thanks to an increase in operating days. Global sales and regional distribution While production in Europe fell 18.0 percent due to fewer operating days, North America experienced a slight decline of 1.1 percent. Global sales mirrored the production trend with growth of 5.8 percent to 761,717 units. Domestic sales rose 28.2 percent to 133,287 cars, thanks in part to the launch of new models. Overseas sales rose 2.1 percent, reaching a record high of 628,430 vehicles in February. Regional developments and market impact The Chinese market showed robust growth of 15.0 percent thanks to successful promotional campaigns. Sales in Europe increased 1.7 percent, while sales in North America fell 6.5 percent due to fewer operating days and limited availability of hybrid models. Despite this dip, Toyota stressed that demand for its vehicles remained strong in the region. These positive developments came against the backdrop of President Donald Trump's announcement on March 26 to impose a 25 percent tariff on imported cars and parts, effective April 2 . The goal was to boost domestic production in the United States ; however, concerns arose over potential disruptions to global supply chains, reduced investment, higher costs and the threat of inflation, which would jeopardize global economic growth. If you want access to all articles, enjoy our promo temporarily and subscribe here! © The Content Exchange, source News