Toyota Sets Record Global Annual Output in 2022, but Warns of Continued Chip Shortage Impact
Toyota Motor Corp has reported a global annual output record in the business year ending March 2022, despite disruptions caused by the global chip supply shortage and pandemic lockdowns. The world's largest automaker by sales, produced 9.13 million vehicles, just above its target of 9.1 million vehicles. Global sales for the same period also rose to 9.61 million vehicles, a new annual record for the company. However, Toyota warned that the global chip shortage is far from over and that its impact on the industry remained uncertain. The company had to downgrade its initial target of 9.7 million vehicles for the year twice due to industry disruption. It also didn't release new production or sales targets for the current business year that started in April. The company's sales of battery electric vehicles (EVs) could be faster. In the first three months of 2023, it sold just 17,473 battery EVs worldwide, including those of its luxury Lexus brand. This is in comparison to 24,...