(MENAFN) Toyota Motor Company announced on Thursday that it had achieved record-breaking levels in its global sales and production for the fiscal year ending March 31. This remarkable performance was attributed to robust demand and the absence of semiconductor supply constraints, which had previously posed challenges for the company in recent years.
However, amidst its success, Toyota has decided to delay the commencement of production for its electric vehicles in the United States. Additionally, the company plans to reduce local production in order to prioritize the safety and quality of its products, particularly following a series of scandals involving companies affiliated with the Toyota Group.
For the fiscal year ending in March, Toyota reported that global sales from the parent company alone experienced a notable 7.3 percent increase, reaching 10.31 million units on an annual basis. This achievement marked the first time that Toyota's global sales surpassed the 10 million unit milestone. Furthermore, production figures also exhibited substantial growth, with a recorded total of 9.97 million units, reflecting a notable 9.2 percent year-on-year increase.
Despite these successes, Toyota encountered challenges in March, particularly in the fiercely competitive Chinese market, which is recognized as the world's largest car market. The company experienced declines in both sales and production during this period, highlighting the competitive landscape and market dynamics at play.
Overall, Toyota's record-breaking global sales and production figures underscore its resilience and ability to navigate through challenges while maintaining strong performance. However, the decision to delay electric vehicle production in the United States and reduce local production emphasizes the company's commitment to ensuring the safety and quality of its products, reaffirming Toyota's dedication to delivering excellence to its customers worldwide.
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