Toyota Motor Corp. TM reported higher global sales and production figures for February 2023 compared to the same period a year ago, due to easing semiconductor supply.
What happened? A 10.3% increase in worldwide sales to 773,271 vehicles was reported by the Japanese automobile manufacturer. Sales in Japan increased 53.2% to 155,840 vehicles, including minivans, the company said in a statement.
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Production in the world rose 2%, to 755,839, spurred by a increase in production within Japan, which offset the fall in production outside the country. Domestic production went up 11.2%, to 281,521 vehicles.
The company added that the rise in global sales and production was due to the rebound from a decline caused by the tight supply of semiconductors and the spread of COVID- 19 in the previous year.
Toyota said that the situation remains difficult to predict due to the COVID shortages and semiconductor shortages. Toyota saw a 29.4% increase in sales last month to 267,461 globally, due to the popularity of hybrid electric vehicles. In Japan, EV sales marked a 97.8% jump year-over-year.
According to Benzinga Pro data, Price Action: NYSE-listed shares of Toyota Motor closed at $139.71 on Wednesday and added 0.15% in extended trading.
8%; Says Situation Remains Difficult To Predict