Toyota Motor Corp. reported on August 30, 2022, that its global car production for July 2022 decreased 8.6% YoY, missing its target for the fourth consecutive month. The company attributed the fall in production to the COVID-19 pandemic, extreme weather conditions, a recall investigation, and a lingering chip shortage.
Even though China relaxed the COVID-19 restrictions and semiconductor shortages appeared to be subsiding, the continuing decline in performance of the largest automaker by sales sparked concerns that Toyota would cut its annual production target of 9.7 million vehicles.
Last month, July 2022, Toyota built 706,547 automobiles globally, falling short of its target of 800,000 units and the output of 773,135.
Production declined 10.3% short of expectations in the first four months of the current fiscal year, which started in April 2022.
Although China’s rigorous COVID-19 regulations and chip shortages caused supply chain problems for the car industry, Toyota also had to cope with COVID-19 infections at a nearby facility, excessive rain in Japan, and production line disruption because of recall investigations.
In July 2022, Toyota reported record foreign output, up 4.5%, aided by a strong rebound in Europe, China, and the rest of Asia, outweighing a 28.2% decline in domestic production.
To ensure strong recovery, the company announced earlier this month, August 2022 that it would maintain its yearly production target while planning to increase output through November 2022, subject to the availability of employees and parts. It anticipates that manufacturing will increase in September 2022 to a record-high 850,000 automobiles.
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