The car industry saw a massive downturn as Covid-19 caused the world economy to grind to a halt
Toyota (LON:TYT) produced its lowest number of vehicles in nearly a decade, at 7.55m units, for the year ending in March 2021. This is according to data presented by TradingPlatforms.com.
The car industry saw a massive downturn as Covid-19 caused the world economy to grind to a halt during 2020.
It is the lowest number of vehicles produced by the Japanese car company since 2012, when it made 7.44m vehicles.
Rex Pascual, editor at TradingPlatforms.com, commented:
“Toyota’s production downturn in FY 2021 is in line with industry trends, as the pandemic stifled demand significantly across the board. But Toyota’s status as one of Japan’s most iconic brands ensures a bright post-pandemic future for the car manufacturer. Its emergence as market leaders in hybrid electric vehicles as well as hydrogen fuel-cell vehicles shows the historic brand’s willingness to adapt to more modern trends.”
Toyota’s most lucrative market is North America, where it sold 2.7m vehicles during 2020. However, this figure dropped to 2.31m, a fall of 14.74% for the year ending in 2021.
In the Asia market, which excludes Japan, Toyota saw a sizeable contraction of 23.63% in sales for the year ended in March 2021 to 1.22m vehicles. This compares to 1.6m vehicles sales during the full year ending in 2020.
As of July 2014, Toyota was the largest listed company from Japan based on market capitalization, a ranking it still holds as of writing. Toyota was also listed by Forbes as the 42nd largest company in the world based on market cap.