Toyota (TM) achieved record sales in November

Japanese auto giant, Toyota Motors (NYSE: TM) reported a 12% increase in global sales last month compared to the previous year, totaling 986,262 units and marking the highest November sales report in the company’s 86 year history.

In addition to its remarkable sales figures, Toyota achieved a significant milestone in global production, reaching a staggering 1,067,446 units. This notable accomplishment encompasses outputs from its subsidiaries, namely Hino Motors Ltd. and Daihatsu Motor Co.

The sales outcome propels the world's largest automaker toward an anticipated milestone of surpassing global sales of over 10 million vehicles bearing the Toyota and Lexus brands in 2023, marking yet another record for the company. Notably, approximately one-third of the vehicles sold thus far this year have been gasoline-electric hybrids.

Toyota encountered significant challenges on its path to success, notably when its subsidiary, Daihatsu was forced to suspend operations due to a safety testing scandal. This controversy uncovered manipulated safety tests dating back to at least 1989, impacting 64 models, including some sold under the Toyota brand.

In conjunction with the Daihatsu scandal, Toyota grappled with a recall affecting one million U.S. vehicles due to an airbag sensor glitch. However, despite these setbacks, the company achieved a record-breaking performance in 2023.

Shares of TM are up 0.66% in early trading on Wednesday.

By Michael Elkins | [email protected]

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