As Parts Shortage Eases, Toyota's Global Sales Hit A Record In February

Announcing a record sales number for the month of February in the wake of severe parts shortages caused by the pandemic, Toyota Motor Corp said on Thursday that it has returned to form following a tough period of months after the pandemic. Production was also up for the second straight month.

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The country's biggest automaker, according to a statement, said that shortages of parts are continuing to be one of the company's biggest problems. While the company did a better job managing supply chains during the pandemic than most car makers, it still ended up having to reduce production targets repeatedly last year, due to reduced work pressures caused by the pandemic.

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In the month of March, the company's sales worldwide rose 10.3% to 773,271 vehicles, driven by the performance of its domestic sales which rose by a blistering 53.2%. The growth in February represented a significant improvement over the previous February when sales sharply declined due to a shortage of semiconductors in the market.

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This result exceeded Toyota's goal of 750,000 vehicles manufactured globally, by 2%, to 755,839 vehicles, or slightly ahead of its stated goal of 750,000. In January, there was an 8.8% increase in the number of new jobs which preceded this increase.

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A strong rebound in domestic production continued during February, with an 11.2% gain following a 30.1% rise in January as the economy showed signs of recovery.