(CTN News) – As a result of a 1.5% increase in its global vehicle production for November, Toyota Motor Corp. reported that its global production reached an all-time high of 833,104 vehicles.
While the automaker’s domestic production fell by 3.3% to 266,174 units, its foreign production rose by 3.8% to 558,916 units. This represents a record high for the company’s foreign production.
Toyota Motor Corporation has stated that its global sales and production in November were higher than they were in November of last year as a result of:
In particular, North America is experiencing strong demand for these products
There has been a recovery in parts supplies that had been affected by COVID-19
During the current fiscal year, Toyota expects to produce approximately 9.7 million automobiles.
Nevertheless, the company had to lower its goal in order to meet its target of 9.2 million units.
This was due to rising material costs and a shortage of semiconductors.
Despite the reduced target, the company’s overall production for the year remains higher than the 8.6 million units it produced last year.
In Pakistan, Toyota is one of the leading automobile manufacturers
Toyota Indus Motor Company (IMC), however, is also caught in this whirlwind of a declining economy in Pakistan, which contrasts starkly with that of Toyota Indus Motor Company (TIMC).
Due to the State Bank of Pakistan’s (SBP) restriction on auto imports, Toyota IMC announced in a recent notification that it will suspend production and assembly operations from December 20-30, 2022 as a result of its suspension of production.
The company claims as a result of the restriction, hurdles have been created when it comes to importing knockdown kits. This has caused them to have inventory problems as a result.
It is fortunate that the company has sent a notice to its employees. In these difficult times, the company assures its employees that it will not lay off any of its employees.
Import restrictions have plagued the entire automobile industry as a whole, forcing most automakers to cut costs as a result of these restrictions.
It is also true that Toyota IMC has also cut down on its operations in order to manage its costs, but the company has made a wise decision to not do so at the expense of its workers by making this decision.