Toyota Motor reported on Tuesday a 23% rise in October global vehicle output, beating its own target for a third month in a row, as the industry strives to get past persistent chip shortages that have hobbled production.
The Japanese automaker produced 771,382 vehicles globally in October, above a downgraded target of 750,000 units and up 23% from the same month a year earlier.
But growth slowed from a record monthly output of more than 887,000 cars manufactured in September, and Toyota continues to face supply chain disruptions as China battles nationwide COVID-19 outbreaks and implements restrictions and lockdowns.
The company said on Tuesday it was adjusting some operations in China due to COVID-19 lockdowns.
Toyota's domestic output expanded 33.7% from a year earlier to 203,149 vehicles, while its overseas output rose 19.5% to 568,233 units, with Chinese production increasing 18.4% and North American production growing 16.2%.
Domestic sales, including those of minivehicles, soared 34.3% to 113,723 units.
Overseas sales rose 21.2% to 718,650 vehicles, with North American sales jumping 26.8%.
The figures for overseas production and sales were both record highs for October.
Sales in China climbed 20.1% on the back of the government's economic stimulus measures.
Earlier this month Toyota cut its annual output target, as it battles surging material costs and a persistent chip shortage.
A Toyota executive in charge of purchasing said at the time that the global auto chip shortage would continue, as chipmakers have prioritized supplies for electronics goods, while natural disasters, COVID-19 lockdowns and factory disruptions have slowed a recovery in auto chip supplies.
Toyota expects to produce 9.2 million vehicles this fiscal year ending March 2023, down from the previous forecast of 9.7 million, but still ahead of last fiscal year's production of about 8.6 million units.