Toyota produced lowest number of vehicles in a decade – 7.55M vehicles in FY 2021
International mobility was basically halted by COVID-19 at 2020 leading to a massive financial recession for even the giants of the car manufacturing market. Based on information presented by Trading Platforms, Toyota produced its lowest number of vehicles in nearly a decade - 7.55M units at FY end March 2021.
Toyota Produced 7.55M Vehicles in FY 2021 Its lowest Since 2012
Toyota Motor Corporation from Japan founded in 1937. As of July 2014, Toyota has been the biggest listed company from Japan based on market capitalization, a standing it still holds as of composing. Toyota was also listed by Forbes as the 42nd biggest company in the world based on market cap.
But, even the giants of Japanese vehicle manufacturing weren't resistant to the crippling effects of the COVID-19 pandemic. In its fiscal year (FY) ending in March 2021, Toyota only made 7.55M units of vehicles compared to 8.82M in FY 2020. FY 2021's figure is also the lowest number of vehicles made by Toyota since FY 2012 when Toyota only produced 7.44M vehicles.
Toyota Sold Most Cars In North America However Generated Largest Revenue By Japan in FY 2021
North America is Toyota's most profitable market, accounting for 2.7M vehicle sales in FY 2020. In FY 2021, vehicle sales in North America dropped by 14.74% to only 2.31M. Toyota's Asia (excluding Japan) market experienced the most significant contraction from it its biggest markets using a 23.63% fall in FY 2021 to only 1.22M vehicles marketed compared to 1.6M in FY 2020.
Toyota's revenue across its sales regions differed greatly as a result of varying conditions of this pandemic across the world. Its home market of Japan has been Toyota's biggest source of earnings in FY 2021 with nearly ¥15T or nearly $137B. Its North American market generated the second-highest revenue from its sales regions with ¥9.49T or about $87 at FY 2021.
Rex Pascual, editor in Trading programs, commented: "Toyota's production recession in FY 2021 is in accordance with business trends, because the pandemic stifled demand considerably across the board. However, Toyota's standing as one of Japan's most iconic brands guarantees a bright post-pandemic potential for the car manufacturer. Its development as market leaders in hybrids in addition to hydrogen fuel-cell vehicles reveals the historical brand's willingness to accommodate to more modern tendencies."