Toyota Car Sales Hit Record High

Sales of the Japanese automotive giant "Toyota Motor" reached a record high in March, as the company’s ability to continue producing vehicles amid a global chip shortage positioned it well to benefit from renewed demand for cars. The Toyota group, the largest car manufacturer in the world, said in a statement on Wednesday that global sales of Toyota in March increased by 44% to 982,900 units, marking a record for a single month. The company produced 843,393 units in March, an increase of 32% compared to the same month last year when the COVID-19 pandemic forced global car manufacturers to suspend production at factories. Toyota's thorough monitoring of its supply chain and chip inventory allowed it to continue producing cars to meet increasing demand. A spokesperson for Toyota stated that sales were particularly strong in China and North America. While car appetite is recovering in many regions of the world, some automakers have proven unable to fully capitalize on this demand due to the ongoing global semiconductor shortage. According to "IHS Markit," the chip shortage has resulted in a halt of approximately 1.3 million vehicles in global production in the first three months of this year.