Despite global chip shortages that continue to wreak havoc on the auto industry as a whole, Toyota has reported exceeding its own production expectations for the third month in a row.Toyota produced 771,382 vehicles worldwide in October, an increase of 23% from the previous month.That number surpasses the initial goal of 750,000 units set by the Japanese automaker.However, output has somewhat slowed down. In the past, Toyota stated that it produced more than 887,000 vehicles in September.
In any case, Toyota keeps on demonstrating its flexibility following the worldwide pandemic as well as the continuous parts deficiencies coming from the coronavirus lockdowns in China. According to the automaker, production of 9.2 million vehicles for the fiscal year that will end in March 2023 is still on schedule.That number is still higher than the 8.6 million units that were predicted last year, despite the fact that it is lower than the 9.7 million that were predicted earlier in the year.For a number of reasons, Toyota has fared much better during the global pandemic than many other automakers, including its decision to store those crucial
semiconductor chips.This was a difficult lesson learned following the 2011 tsunami, which significantly disrupted Toyota's supply chain.At the time, the company realized how important it was to put a lot of money into backup plans in case of a natural disaster or, in this case, a health crisis.
We reported a few weeks ago that North American factories would begin producing the popular Toyota RAV4, 4Runner, and a number of Lexus models' suspensions next month.The circumstances are not even close to as desperate as some would accept, as these suspensions will just last a couple of days. Toyota is still on schedule to produce 700,000 vehicles in December.The remaining 500,000 will be assembled at other global facilities, with 250,000 being assembled in Japan.It is evident that Toyota is having some difficulties as the year draws to a close, as approximately 800,000 units have left the assembly lines in the previous months. It took Toyota some time to admit that there were problems with its production, which could have been because of pressure from within or concerns from investors.
Despite this, Toyota is still in a relatively good position as the auto industry continues to recover, which many analysts anticipate will not occur until later in the year.
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