Toyota Motor on Tuesday reported a 23% rise in October global vehicle output, beating its own target for a third month in a row, as the industry tried to get past persistent chip shortages that have restricted production.
According to Reuters, the automaker produced 771,382 vehicles worldwide in October, above a downgraded target of 750,000 units and up 23% year on year.
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Growth slowed from record monthly output of more than 887,000 cars manufactured in September and Toyota continued to face supply chain disruptions as China battled nationwide COVID-19 outbreaks and implemented restrictions and lockdowns, the report said.
The company told Reuters on Tuesday it was adjusting some operations in China due to COVID lockdowns.
Earlier this month Toyota cut its annual output target as it battled surging material costs and a persistent chip shortage.
Toyota expected to produce 9.2m vehicles this fiscal year ending March 2023, down from the previous forecast of 9.7m but still ahead of last financial year’s production of about 8.6m, Reuters noted.
