Toyota’s global vehicle production for Nov climbs 1.5% to 833,104 units
Toyota Motor Corporation is a Japanese multinational automotive manufacturer headquartered in Toyota City, Aichi, Japan. It was founded by Kiichiro Toyoda and incorporated on August 28, 1937. Toyota is one of the largest automobile manufacturers in the world, producing about 10 million vehicles per year.
By Remie OTIENO
Toyota Motor Corp has reported a 1.5% rise in November global vehicle sales reaching a new record of 833,104 –exceeding last year’s levels due to improved demand amid external shocks such as Russia’s invasion of Ukraine and the Covid-19 pandemic.
The automaker had previously expected to make 9.7 million autos this fiscal year but was forced to lower the target in November as it struggles with rising materials costs and a shortage of semiconductors. That’s still ahead of last year’s production of about 8.6 million units.
Back home, new vehicle sales remained strong in November but fell short of last year’s performance, bringing year-to-date (YTD) total sales to 11,962 for 2022, the latest data by the Kenya Motor Industry Association (KMIA) shows.
It means that the auto sector has sold 788 fewer units at this stage of the year compared to a similar period in 2021.
Sales had slowed significantly since rebounding in the third quarter from what has been a generally ‘good’ year hampered by-elections and other external factors like the war in Ukraine when vehicle manufacturers were able to fulfill order backlogs and dealers restock as supply chain shortages eased.