Production Growth: Toyota Motor Corp reported an 11.1% increase in global vehicle production in September, totaling 918,146 units, driven by strong U.S. demand, particularly for hybrid vehicles, which saw a 28.5% production increase in the U.S.
Sales Performance: The automaker's global sales rose by 3%, with U.S. sales increasing by 14.2% to 185,748 units, contributing to a year-to-date total of over 7.8 million vehicles sold, marking a 5% year-over-year growth.
Solid-State Battery Development: Toyota announced a partnership with Sumitomo Metal Mining Co. to develop cathode materials for solid-state batteries, which will be utilized in their Battery Electric Vehicles (BEVs), including the bZ model.
EV Market Outlook: Former Ford CEO Mark Fields indicated that the adoption of electric vehicles in the U.S. will be gradual, as consumers transition away from fossil fuels, despite expectations for faster growth in the EV market.
Toyota Motor Corp is a Japan-based company mainly engaged in the automotive business, as well as financial services and other businesses. It operates through three business segments. The Automotive segment designs, manufactures, and sells automobiles, including sedans, minivans, compact cars, sport utility vehicles (SUVs), and trucks, as well as related parts and accessories. The Financial Services segment provides financing and vehicle leasing services to complement the sales of automobiles and other products manufactured by itself and its affiliates. The Other segment engages in information and communications services. It also oversees manufacturing and sales companies, conducts public relations and research activities, oversees financial companies, and develops various mobility products, primarily software.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
