July sales jump helps Toyota (TM) reach monthly record

Toyota Motor (NYSE: TM) released their sales numbers for the month of July on Wednesday, reporting an 8% rise compared to June with a record 859,506 vehicles in global sales. The automaker also reported a 15% increase in global production for the month.

Toyota has recorded successive growth in global sales compared to the previous year for six consecutive months, and production has seen a continuous increase for seven months. This trend underscores the company's rebound from the challenges posed by supply chain disruptions and the implementation of Covid-19 containment measures in the previous year.

Numbers for August – which will not be available until next month – are likely to be hit by the disruption that happened Tuesday when the Japanese automaker was forced to halt production at 14 of its domestic facilities after a computer system processing orders for vehicle parts broke down on Tuesday.

Two people with knowledge of the situation told the media that the outage occurred during a system update. Toyota has refrained from disclosing specific information about the issue's nature, stating solely that it was not the result of a cyber attack.

The company restarted operation Wednesday.

Shares of TM are up 0.35% in pre-market trading on Wednesday.

By Michael Elkins | [email protected]

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