On February 27, Toyota Motor Corp., the world’s largest automaker from Japan, announced that global auto production had increased 8.8% in January, marking a record pace. However, the automaker fell short of its expected target due to a shortage of auto parts caused by the COVID-19 pandemic.
According to Toyota, 689,090 vehicles were produced worldwide in January, a year-on-year increase of 8.8%. However, this number fell short of the expected production target of 700,000 units. The figure does not include production from Daihatsu Motor Co and its subsidiary Hino Motors.
The report also revealed that domestic vehicle production rose sharply, increasing by 30% to 211,572 units in January. This significant jump came after last year’s production was hit hard by a chip shortage and lockdown measures due to COVID-19.
Unfortunately, global vehicle sales fell 5.6% to 709,870 units in January compared to the previous year. This decrease is reflective of the ongoing impact of the chip shortage.