AutoBeta(AutoBeta.net)12/04 Report--

On November 29th, Toyota Motor Group released October production and sales figures. Data show that Toyota's global sales rose 22.1% to 832000 vehicles year-on-year in October 2022, the third consecutive month of year-on-year growth, including 34.26% year-on-year sales in Japan to 114000 vehicles. In terms of production, Toyota's global production increased by 22.9% to 771000 vehicles in October 2022, the third consecutive month of year-on-year growth, of which domestic market production increased by 33.7% to 203000 vehicles.

In addition, Toyota's overseas production and sales data also increased significantly. Toyota's overseas production increased by 19.5% to 568000 vehicles in October from a year earlier, of which the North American and Chinese markets increased by 16.2% and 18.4% respectively; overseas sales increased by 21.22% to 719000 vehicles. Among them, the North American and Chinese markets increased by 26.8% and 20.1% respectively.

According to the data, Toyota's production and sales figures increased in October compared with the same period last year. Toyota said that the increase was due to the shortage of auto parts caused by the epidemic in the same period last year, and the problem in the supply chain eased in October this year. As a result, growth was achieved year-on-year.

Due to a series of factors such as the epidemic and the supply chain, Toyota's production plans have been disrupted so far this year, especially in the Japanese local market. Take October's production capacity as an example, although the actual production in October is higher than the revised target of 750000 vehicles, Toyota's production in Japan is still on a downward trend in the first 10 months of 2022. Toyota's cumulative global production rose 7.7 per cent year-on-year to 7.494 million vehicles from January to October 2022, with cumulative production in Japan falling 7.4 per cent year-on-year to 2.168 million vehicles, while overseas production rose 15.3 per cent to 5.325 million vehicles, according to official data.

Against this backdrop, Toyota cut its annual production target in November in response to soaring raw material costs and persistent chip shortages, despite a 7.7 per cent year-on-year increase in cumulative global production in the first 10 months. According to the original plan, Toyota's global average monthly production is about 850000 vehicles from October to December in 2022. Due to the above environmental impact, Toyota's global production from October to December was adjusted to 750000 vehicles, 800000 vehicles and 750000 vehicles respectively. Compared with the expected production capacity, the production capacity of these three months has been reduced to varying degrees. In other words, although the problem in Toyota's supply chain has been alleviated, it continues. On November 1st, Toyota announced in its interim results for fiscal 2023 that Toyota and Lexus brand production forecasts for the current fiscal year (April 2022-March 2023) were cut by 500000 to 9.2 million vehicles, taking into account risks such as semiconductor procurement.

The decline in production capacity has directly put pressure on the overall sales of car companies. At present, Japanese car companies, including Toyota, Honda, Nissan and Mazda, have adjusted their sales forecasts for the current fiscal year (April 2022-March 2023). Among them, Toyota sales forecast is reduced by 300000 to 10.4 million vehicles, but Toyota will continue to maintain its operating profit forecast of 2.4 trillion yen for the fiscal year. Honda revised its sales forecast from 4.2 million to 4.1 million, but raised its operating profit forecast for the fiscal year from 830 billion yen to 870 billion yen; Nissan's sales forecast was revised from 4 million to 3.7 million vehicles, of which operating profit for the fiscal year is expected to rise sharply from 250 billion yen to 360 billion yen; Mazda sales forecast is revised from 1.35 million vehicles to 1.21 billion yen, and operating profit for the fiscal year is expected to rise 20 billion yen to 140 billion yen.

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