Toyota's February Sales Up 10.3% YoY, Rebounding From Supply Chain Challenges

Toyota Motor Corp TM reported higher global sales and production figures for February 2023 compared to the same period a year ago, owing to easing semiconductor supply.

What Happened: The Japanese automobile manufacturer reported a 10.3% increase in worldwide sales to 773,271 vehicles. Sales within Japan, surged 53.2%, to 155,840 vehicles, including mini vehicles, the company said in a statement.

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Worldwide production rose 2%, to 755,839, spurred by a increase in production within Japan, which offset the fall in production outside the country. Domestic production rose 11.2%, to 281,521 vehicles.

The rise in global sales and production occurred as a result of a rebound from a decline caused by the tight supply of semiconductors and spread of COVID-19 in the previous year, the company added in the statement.

However, Toyota said that the “situation remains difficult to predict due to semiconductor shortages and COVID-19.”

As for electric vehicles, Toyota saw a 29.4% increase year-over-year in sales last month to 267,461 globally, spurred by the popularity of hybrid electric vehicles. In Japan, EV sales marked a 97.8% jump year-over-year.

Price Action: NYSE-listed shares of Toyota Motor closed at $139.71 on Wednesday and added 0.15% in extended trading, according to Benzinga Pro data.

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Read More: Toyota January Production Surge 8.8%; Says Situation Remains Difficult To Predict