Business News Asia
Toyota Motor Co. announced that global auto production rose 23% in October, exceeding targets for the third straight month, as Toyota continues to struggle with a shortage of chips affecting the production of its vehicles.
Toyota produced 771,382 vehicles worldwide in October. This is more than the target of 750,000 units and an increase of 23% compared with the same month last year.
Auto production fell in October from 887,000 in September as Toyota continues to struggle with supply chain disruptions. This is due to the spread of COVID-19 in China and the Chinese government’s strict lockdown measures to control its spread.
Toyota expects to be able to produce 9.2 million vehicles in fiscal 2022. Although this is less than the previous forecast of 9.7 million, it is still more than in fiscal 2021 (8.6 million).
Toyota’s procurement manager said the global auto chip shortage is likely to continue for some time as chipmakers focus on supplying chips to electronics manufacturers, natural disasters, and lockdown measures to control COVID-19.