As the automobile industry works to overcome ongoing chip constraints that have hampered production, Toyota Motor Corporation has reportedly observed a 23% increase in October global car output, exceeding its own objective for a third consecutive month.
In October, the Japanese carmaker manufactured 771,382 vehicles worldwide, surpassing a revised target of 750,000 units and up 23% compared to the same month last year.
As China battles widespread COVID-19 outbreaks and imposes limitations & lockdowns, the development seemed to have dropped from a historic monthly output of more than 887,000 cars made in September, and Toyota continues to encounter supply chain delays.
The business stated on Tuesday i.e., 29th November that it was changing parts of its activities in China due to COVID restrictions which are causing severe damage to its recovery plans. Toyota lowered its yearly desired target this month as it confronts the rising cost of the material and a lingering chip scarcity.
The global vehicle chip deficit, according to a Toyota executive who is in charge of purchasing, will persist because chipmakers are prioritizing supply for electronics products, while natural disasters, COVID lockdowns, and manufacturing delays have hampered a turnaround in auto chip supplies.
It is worth mentioning that Toyota anticipates producing 9.2 million vehicles during the fiscal year that ends in March 2023, which is a decrease from the earlier estimate of 9.7 million but is still higher than the production of around 8.6 million vehicles during the prior fiscal year.
In other news, Toyota Kirloskar Motor debuted the India-spec Hycross MPV last week in advance of mid-January 2023, when the vehicles price would be revealed. The model that will be sold alongside the Innova Crysta will come in five different variations and seven different colors.