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27 Apr 2022

Toyota Reports Marked High March Global Production Figures despite Japan Drop

Toyota Reports Marked High March Global Production Figures despite Japan Drop

The Index Today

On Wednesday, Toyota Motor Corp recorded striking high global production figures for the month of March even as output plummeted in its native Japan which is reflective of the country’s falling demand and suspended operations at factories.

As per Reuters, Toyota revealed that it manufactured 866,775 vehicles globally in March, hitting a monthly high that marked a 2.8% production increase from March 2021. Despite that, Japan’s leading automaker witnessed a 16% production slump to 261,759 automobiles locally during the same month.

This comes following a cyber-attack that significantly affected Toyota’s production after its plants across the country were shut down temporarily. It is also reflective of Japan’s economy deteriorating under mounting costs and lagging growth.

Additionally, a magnitude 7.4 earthquake in northeastern Japan also contributed to the decline in domestic production after it impeded the timely supply of key parts, reported Reuters.