Toyota inches past production goal, warns of lingering chip shortage

Japan’s Toyota Motor (TYO:) said Thursday that the Japanese automaker has produced 9.13 million vehicles in the 12 months through March 31, a fraction ahead of its target, though that goal was downgraded twice from an initial goal for the year of around 9.7M amid industry disruption. In the previous year vehicle output was 8.57M.

However, the world’s biggest automaker by sales warned it continues to see impacts from the long-running global chip shortage, saying it remained hard to predict its effect going forward.

Global sales for the 12 months ended March rose to 9.61M vehicles from 9.51M in the prior year, setting another annual record for the company.

The company didn’t release new sales or production targets for the current business year that started in April.

The company disclosed that it has so far sold 17,473 battery electric vehicles (EVs) worldwide for the first three months of 2023, compared with 24,466 battery EVs sold worldwide for the whole of 2022.

Shares of TM are up 2% in pre-market trading on Thursday.