Toyota Motor Corp (NYSE:TM), the world's largest automaker, announced a growth in its production figures for the fourth-straight month in September on the back of strong U.S. demand.
Check out the current price of TM here.
Production Grew 11.1% In September
According to production and sales data released by the automaker on Monday, Toyota produced 918,146 vehicles worldwide, up 11.1%. Production in the U.S. also jumped 28.5% due to a strong demand of Hybrid vehicles in the region. Sales for electrified vehicles clocked in at 99,619 units in September for the automaker, a 5.8% surge.
Toyota also reported that production in China increased by 16% and global sales rose 3% with U.S. sales up 14.2% with 185,748 units sold. Toyota's YTD sales come in at over 7.8 million vehicles, constituting a 5% YoY surge.
Toyota's Continued Growth, Solid-State Battery Deal
The news comes as Toyota had previously announced eight consecutive months of growth in August, with U.S. sales growing 13.6% due to strong demand for the company's Hybrid models in the country.
Toyota also recently announced a deal with Sumitomo Metal Mining Co. Ltd. (OTC:SMMYY) to develop cathode materials for solid-state batteries, which the automaker would use in Battery Electric Vehicles (BEVs). Toyota currently sells one BEV in the U.S., the bZ, which retails for MSRP $34,990. Powered by a 74.7 kWh battery, the bZ offers a range of 314 miles.
EV Growth Will Be Gradual, Says Mark Fields
Meanwhile, former Ford Motor Co. (NYSE:F) CEO Mark Fields said that EV adoption in the U.S. would follow a gradual growth curve as customers will eventually pivot away from fossil fuels, as they are a "non-renewable source of energy."
Fields had earlier said that automakers in the U.S. anticipated that the EV market would grow much faster than its current rate of growth, with companies like General Motors Co. (NYSE:GM) announcing a $1.6 billion EV charge.
Toyota offers satisfactory Momentum and scores well on the Value, Growth and Quality metrics. It also boasts a favorable price trend in the Short, Medium and Long terms. For more such insights, sign up for Benzinga Edge Stock Rankings today!
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