Toyota Motor Corp. has witnessed a steady rise in global production over the past few months. The company recorded all-time-high production in March 2022, despite recent operational hiccups and weakened demand in Japan. However, the company’s strong demand in other countries helped offset its production slump back home.
According to Reuters, the Japanese automotive giant produced 866,775 vehicles worldwide in March, observing a 2.8 percent rise on both, a Year-over-Year (YoY) and a Month-over-Month (MoM) basis.
In Japan, Toyota produced 261,759 vehicles and recorded a 16 percent MoM decrease in domestic production. It cited recent cyberattacks on one of its main vendors — which brought production to an abrupt pause for one day — as a key reason behind the production decline.
Toyota in Pakistan
Toyota Indus Motor Company (IMC) announced its financial results for the nine months that ended on March 31, 2022 (FY22). The company reported a profit of Rs. 15.29 billion during the period, which amounts to an 82 percent increase compared to the Rs. 8.45 billion profit during the same period last year.
The increase in turnover and profitability for the nine-month period is mainly due to higher sales volume. The company sold around 7,000 units a month several times last year, with Toyota Yaris and Corolla its top sellers. Toyota IMC also benefitted from comparatively better delivery times than its competitors.
However, Toyota IMC’s CEO Ali Asghar Jamali has predicted that the impending price hikes will hurt the vehicle demand. Toyota has already revised the price of its vehicles twice this year, and also had to suspend its bookings for a brief time. This could impact the company’s sales and subsequently, its profit margins in the coming days.
