Overview

• Toyota Motor reported record global sales and production for the first half of FY2024 due to the easing of semiconductor shortages and strong market demand in the US, marking a significant rebound from the impact of the global supply chain crisis.
• The company sold 7.5 million units in the first nine months of the year, including their Lexus brand, reflecting an increase of approximately 7% compared to the same period last year.
• Toyota's domestic production surged by approximately 27% within the first nine months of the year compared to 2022, highlighting the company's effective response to last year's chip and part supply challenges.
• Despite record-breaking performance, Toyota expressed concern over softer market conditions in Southeast Asia and a slowly growing market in China, which could pose future challenges for the auto manufacturer.
• The weaker yen currency also had a positive impact on Toyota's earnings, boosting the value of its overseas sales. However, the company's analysts warn that a potential rise in manufacturing and labor costs could make sales challenging by next year.