Toyota January Production & Sales Take Off Despite Chip Woes
Portfolio Pulse from Lekha Gupta
Toyota Motor Corp. (NYSE:TM) reported a 4.4% Y/Y increase in total sales to 831,161 vehicles in January, despite a 3.8% decline in total production to 788,670 vehicles. Global production, including Lexus, rose by 7.4%, marking the 13th consecutive month of Y/Y growth, with strong demand in North America contributing to record overseas production. Global sales for Toyota, including Lexus, grew 10.5% Y/Y to 784,527 vehicles, with significant increases in the U.S. (23.3%) and China (39.2%), despite a 13.7% decline in Japan. Toyota also announced the resumption of production at two lines after a suspension lift on TICO-manufactured diesel engines. TM shares dropped slightly by 0.23% in premarket trading.
February 28, 2024 | 11:25 am
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POSITIVE IMPACT
Toyota Motor Corp. reported increased sales and production growth, with significant market gains in the U.S. and China, despite a slight premarket share price drop.
The positive sales and production figures, especially in key markets like the U.S. and China, indicate strong operational performance and market demand for Toyota's products. Despite the slight premarket share price drop, the overall positive performance and strategic resumption of production lines are likely to have a favorable short-term impact on TM's stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100