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 24,466 battery EVs sold worldwide in the whole of 2022. Toyota has been criticized for its slow adoption of EVs, and its current sales figures indicate that it still has a long way to go to catch up with other automakers. With the global trend toward cleaner energy, Toyota needs to accelerate its EV plans if it is to remain competitive in the market.

The global chip shortage has caused significant disruptions to the auto industry, with production cuts and vehicle shortages becoming a common theme. Toyota's ability to edge past its annual production target despite the chip shortage is a testament to its resilience and adaptability. However, the continued uncertainty surrounding the chip shortage highlights the need for automakers to invest in supply chain resilience and diversification to mitigate the impact of future disruptions.

In summary, Toyota's record global annual output in the business year ending March 2022 is impressive, given the challenges posed by the global chip shortage and pandemic lockdowns. However, the company needs to take a more aggressive stance in its EV plans to remain competitive in the market and invest in supply chain resilience and diversification to mitigate future disruptions.

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