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Toyota Sets New Sales Record in February 2023

Toyota Motor Corp. announced on Thursday that its global sales for February set a new record, bouncing back from severe pandemic-induced part shortages. The world’s largest car company saw a rise in global production for the second consecutive month.

According to Reuters, the largest automaker in Japan issued a statement that shortages of parts remain a problem. During the pandemic, it managed its supply chains better than the majority of automakers but ended up missing its monthly production targets repeatedly last year.

Last month, the company’s global sales increased by 10.3% to 773,271 units, driven by a 53.2% increase in domestic sales. This is in contrast to February last year when sales plummeted due to a shortage of semiconductor chips.

The report adds that the global production of Toyota-branded vehicles increased by 2% to 755,839. The company surpassed its goal of selling 750,000 units by a small margin. The increase follows an 8.8% increase in January.

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