Toyota's January Vehicle Output Rose 8.8% But Fell Short of Expectations

Toyota Motor (NYSE:TM) Corp increased its global vehicle production by 9% in January, the first increase in three months, but still fell short of its goal due to COVID-19-related part shortages.

Toyota, the world's largest automaker by volume, produced 689,090 vehicles worldwide in January, an increase of 8.8% compared to the same month the previous year. This was just short of the 700,000 vehicles the company had previously projected it would produce during the month.

This excludes output from its Daihatsu Motor Co. and Hino Motors Ltd. subsidiaries.

It was reported that domestic production increased by 30% to 211,572 vehicles. The chip shortage and COVID-19-related lockdowns negatively impacted last year's numbers.

It was reported that global sales dropped 5.6% to 709,870 vehicles due to the sustained impact of the chip shortage.