Toyota's August Sales and Output Soar

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【Summary】Toyota's global sales and output reached a record high in August, with sales jumping 9% to 923,180 vehicles. Domestic production increased by 22%, while overseas output decreased by 2%. Sales in the US and domestic market saw significant growth, but sales in China declined. Toyota sold 65,467 electric vehicles in August, far from its CEO's target of 1.5 million EVs by 2026. Despite the record numbers, Toyota's stock was down in early market trading.

FutureCar Staff Sep 28, 2023 11:18 PM PT

Toyota's global sales surged 9% in August, reaching a new high of 923,180 vehicles. This increase in sales can be attributed to enhanced supply conditions and heightened demand.

Compared to last year, Toyota saw a significant increase in domestic production, with a rise of 22%. This indicates a strong recovery from the challenges faced in the previous year, such as semiconductor shortages and supply chain disruptions.

In the United States, Toyota experienced a 15% jump in sales, while domestic sales in Japan increased by an impressive 46%. However, sales in China declined by approximately 7%.

Despite a 2% decrease in overseas output, Toyota's overall production rose by 4%. This was primarily driven by the significant increase in domestic production. Interestingly, a one-day suspension of domestic assembly plants last month did not seem to have any impact on production numbers.

Toyota's collaboration with Suzuki Motors in India resulted in a remarkable 221% increase in production numbers, with over 32,000 vehicles manufactured. The company plans to further expand its production capacity in India by building a third plant, aiming for a capacity of around 200,000 vehicles.

In terms of electric vehicles, Toyota sold a total of 65,467 battery-run EVs in August, compared to 24,000 units sold in 2022. While this is a significant increase, it falls short of the ambitious target set by CEO Koji Sato, who aims for annual sales of 1.5 million EVs by 2026.

Despite the impressive sales numbers, Toyota's stock was down approximately 0.3% in early market trading on Thursday.