Toyota Motor production increases by 8.8% in January

Toyota Motor Corporation said on Monday that its vehicle production has leaped by 8.8 percent in January, which marks first increase in three months. However, it still does not meet its plan due to shortage of COVID-19.

The largest automaker by volume announced that it manufactured 689,090 vehicles around the world in January to record an increase of 8.8 percent in comparison to January of 2022. However, the company had a plan of producing 700,000 vehicle in January.

These figures do not include the production from its Hino Motors Ltd and Daihatsu Motor Co units, according to Reuters.

The company also said that the domestic production increased sharply by 30 percent to 211,572 vehicles. The production last year faced a drop due to chip shortages as a result of COVID-19 lockdowns.

The statement also added that the global sales decline by 5.6 percent to 709,870 vehicle as a result of the continuous impact of the chip shortage.