Business

Toyota’s domestic output plunges to 45-year low

Domestic production of Toyota vehicles fell 5.4% during latest fiscal yeara

Japanese automaker Toyota saw its domestic production in fiscal year 2021 decline to the lowest level in 45 years, according to figures released Wednesday.

Domestic output of Toyota vehicles fell to 2,760,843 during the period from April 1, 2021 to March 31, 2022, marking a 5.4% decline from the previous corresponding period.

The drop in production was “due to the impact of semiconductor shortages, system failures at domestic suppliers, and operation suspensions caused by the Fukushima Prefecture offshore earthquakes and other factors,” read a company statement.

A total of 9,511,558 Toyota vehicles were sold worldwide during the latest fiscal year, the second-highest figure on record.

Sales outside Japan stood at 8,115,638, an all-time high for the company.

Worldwide production in March 2022 hit a new record for a single month at approximately 870,000 units due to strong overseas production,according to the statement.

Toyota Motor Corporation manufactures vehicles under five brands: Daihatsu, Hino, Lexus, Ranz, and Toyota.

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