Toyota passed its fiscal-year production target of 9.1 million vehicles in March, but spoke cautiously on the year ahead.
On April 27, The automaker revealed it had beaten its goal by an additional 30,000 units, building a total of 9.13 million vehicles over the course of its fiscal year (April 1 through March 31). The company’s annual output was 6.5% higher than the previous 12 months; however, the 9.1 million unit production target is less than its original amount of 9.7 million. During the same period, Toyota’s annual deliveries reached an all-time high of 9.61 million vehicles, a 1% year-over-year increase.
Toyota also saw record-high manufacturing in March, building a total of 899,684 vehicles, while worldwide sales climbed 1.5% from February to 916,205. Excluding the Japanese market, deliveries fell 4.2% month-over-month. At the end of the first quarter, the brand’s global sales and factory output rested at 2.4 million and 2.34 million units, respectively.
However, while the company’s recent numbers indicate healthier market conditions compared to 2021, the automaker was apprehensive on setting new year sales and production targets. In its report, Toyota reassured that it would make “…every effort to deliver as many vehicles as possible to our customers at the earliest date” but noted that “The situation remains difficult to predict due to semiconductor shortages and COVID-19.” In January, the manufacturer suggested it could build 10.6 million new cars in 2023, but clarified that the number was not an official goal due to economic uncertainty. As such, Toyota has so far refrained from officially posting any new guidance for the year. The brand’s new CEO, Koji Sato, who replaced former chief Akio Toyoda in early April, has promised to revitalize its outdated battery-powered car segment. Recently, Sato teased a factory floor remodel which would allow the company to aggressively ramp up EV production.