Toyota is still feeling the impact from the Covid-19 pandemic and ongoing global semiconductor shortage, as the carmaker has announced that global production has dropped by 8.6% year-on-year (YoY) to 706,547 units for the month of July 2022. This is the fourth straight month that the company has missed its production target.
The latest figure is below the company’s original target of 800,000 units for July 2022, while also representing a year-on-year (YoY) decrease from 773,135 units produced during the same month in 2021. In the first seven months of 2022, Toyota produced a total of 5,068,264 vehicles, which is 4.2% less than the same period a year ago.
On the sales front, worldwide sales decreased by 7.2% YoY in July 2022 to 797,179 units, while the year-to-date total stands at 5,496,199 vehicles – 6.3% less than the same period in 2021. Exports out of Japan are also down YoY by 15% at 968,845 units.
“The situation remains difficult to predict due to semiconductor shortages and Covid-19. However, we will continue to carefully monitor the parts supply situation and minimise sudden decreases in production as much as possible while making every effort to deliver as many vehicles to our customers at the earliest date,” the company said in an official release.
Toyota will release its August results later this month, but it previously stated that the average monthly production plan for the next three months (August through October) would be approximately 850,000 units. However, earlier in August, it said that the plan for September through November was to produce 900,000 units per month. This is subject to the availability of supplies and personnel.
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