Toyota Motor Corp. reported that its global vehicle output for November surged by 1.5%, setting a new record of 833,104. The automaker’s domestic production fell by 3.3% to 266,174, while foreign production rose by 3.8% to a record high of 558,916 units.
Toyota stated that its global sales and production in November were higher than the same month last year due to:
- Strong demand, particularly in North America
- Recovery in parts supplies that had been affected by COVID-19
Toyota had anticipated producing 9.7 million automobiles during the current fiscal year. However, it was forced to reduce its goal to 9.2 million units due to rising material costs and a shortage of semiconductors. The reduced target is still greater than its production of 8.6 million units in the previous year.
Toyota in Pakistan
In stark contrast, Toyota Indus Motor Company (IMC) has also been caught in this whirlwind of the declining economy of Pakistan.
In a recent notification, Toyota IMC announced that it will suspend its production and assembly operations from December 20-30, 2022 due to the State Bank of Pakistan’s (SBP) restriction on automotive imports.
The company stated that the restriction has created hurdles in importing knockdown kits, causing inventory problems for them. Fortunately, the company has issued a notice, assuring that it will not lay off its employees in these trying times.
The import restrictions have plagued the car industry as a whole, forcing most automakers to cut costs. While Toyota IMC has also cut down its operations to manage the costs, it has made a wise decision of not doing so at the expense of its workers.
