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September 29, 2022 05:50 AM

Toyota output rises for first time in 5 months as COVID eases

Toyota output rose for the first time in five months, led by gains in markets including Asia, where COVID disrupted supply chains a year ago.

Bloomberg
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    Toyota Takaoka production
    TOYOTA

    Toyota's Takaoka factory, on the western coast of Japan is pictured.

    Toyota’s global output rose for the first time in five months in August, led by gains in overseas markets -- in particular Southeast Asia, where a COVID surge disrupted supply chains a year ago.

    The automaker made 766,683 vehicles in August, up 44 percent from a year earlier, according to a statement Thursday.

    Global sales rose 3.8 percent to 777,047 units, the first increase in 12 months, Toyota said.

    While Toyota still faces a shortage of semiconductors and is battling lingering supply-chain constraints stemming from the pandemic, the situation has improved from 12 months ago when COVID cases were higher, causing factory shutdowns that led to a dearth of parts.

    Toyota has stuck to its production target of 9.7 million vehicles for the fiscal year through March 2023.

    "The industry as a whole is experiencing ups and downs," said Koichi Sugimoto, a senior analyst at Mitsubishi UFJ Morgan Stanley Securities Co. "It does not mean that it's no good at all, but it does not mean that it is on a steady rise either. The situation is still unpredictable."

    Toyota’s output in Japan in August rose 5.6 percent from a year earlier to 196,038 units, also the first increase in five months, according to the statement.

    Meanwhile, rival Nissan said its global output rose for a second month in August, climbing 9 percent from a year earlier to 288,218 vehicles. However, vehicle sales fell 16 percent to 254,842 units.

    Honda’s global output rose 27 percent to 347,661 units, the third consecutive month of gains.

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