Toyota records 44% increase in global sales in March
Toyota Motor Corp’s global sales rose to a record high in March. Despite the persisting chip shortage that has hit the global auto sector, the company’s ability to produce vehicles puts it in a privileged position to capitalize on the again rising demand for cars. Toyota’s worldwide sales in March rose by 44% and touched the mark of 982,912 units produced in a single month, said a statement produced by the company.
World’s largest carmaker manufactured 843,393 units in that month, up by 32% from a year earlier, when the Covid-19 pandemic forced many automakers around the world to halt their production in the factories. The company’s move to stockpile chips and comprehensive monitoring of its supply chain have benefitted it to maintain consistent production of vehicles. Increment of liquidity amid consumers with a sign that the pandemic may wane are the contributing factors to shiny sales figures of the Japanese carmaker. A Toyota spokeswoman, as quoted by Bloomberg said that the sales are going strong in China and North America.
While the demand for cars is steadily seeing improvement in some region, some carmakers are not being able to capitalise on the trend due to the lingering semiconductor shortage. According to IHS Markit, an American-British information provider based in London said to Bloomberg that chip shortages beat up about 1.3 million units of worldwide car output in the first three months of the year.
The Japanese carmaker in January did cut its production of full-size pick-up truck Tundra and did pause lines at its factory situated in Guangzhou, China due to the semiconductor crisis. However, the lines did resume after the procurement of the necessary parts. In San Antonio as well, the company cut down its production of the Tundra model by 40%.
(With inputs from wires)