Toyota has released its latest financial results for the first-quarter of the 2023 financial year, detailing a drop in production volumes and income.
The company says that rising material costs, COVID-related lockdowns, a natural disaster in South Africa, and supply chain nightmares are primarily to blame for the decrease in production volumes. This has seen Toyota’s deliveries drop from the previous quarter.
All up, Toyota delivered 2,013,000 units around the globe in the period April through to June 30, which is 6.3 per cent down from the 2,148,000 it delivered during the same period last year.
Toyota and Lexus combined vehicle sales brings the tally to 2,544,000 for the quarter, which is down 7.8 per cent from the 2,759,000 sales last year.
This translated to a 7.0 per cent increase in overall sales revenue, at 8,491,116 yen, with operating income dropping by 418 billion yen to 6.8 per cent overall, down from the 12.6 per cent margin it was operating with at the same point last year.
Within the lineup, electrified vehicles accounted for 28.5 per cent of Toyota’s sales, with battery electric vehicles increasing from 30,000 to 40,000 in the latest quarter, plug-in hybrids dropping from 36,000 to 23,000, and conventional hybrids holding strong at 640,000.
Toyota says its production forecast remains unchanged from the revised plan it released back in May, estimating that 9.7 million units will be produced in FY2023, with production steadily increasing as it gets atop its supply chain constraints.
Toyota says it will now give its suppliers a three-month rather than one-month heads-up when it changes any production plans, which gives them more time to prepare.
In Australia, Toyota has sold 140,942 vehicles so far this year (through July). That’s up 3.2 per cent on the same seven-month period last year.
