Toyota Records Production Growth

(Patria) - Toyota Motor Corp reported on Monday a 1.5% increase in global vehicle production in November, reaching a new record of 833,104 vehicles.

Domestic production fell by 3.3% to 266,174 vehicles, while overseas production rose 3.8% to a record 566,930 vehicles this month, Reuters reports.

Global sales and production in November exceeded last year's levels due to solid demand, particularly in North America, and a recovery in parts inventories affected by the slowdown in COVID-19 spread, Toyota said.

Toyota reported earlier this month that it expects to produce 700,000 vehicles in January and has maintained a reduced production plan of 9.2 million units in the year to March. Toyota had previously expected to produce 9.7 million cars in this fiscal year but was forced to lower that plan in November as it battles rising material costs and a shortage of semiconductors.

This is still above last year's production of about 8.6 million vehicles.