Toyota's August Production & Sales Climb; Here's The Details

Toyota Motor Corp TM said its total global production increased 4.3% in August to 924,509 vehicles, including subsidiaries Daihatsu Motor Co and Hino Motors Ltd.

The automaker cited a recovery from the impact of semiconductor shortages as the reason for increased sales and production.

Worldwide sales, including subsidiaries, grew 9.4% to 923,180 units.

For Toyota, August's global production rose 4.1% to 798,771 vehicles, and sales improved 9.8% to 853,285 vehicles.

Year-to-date, total sales increased 5.9% to 7.26 million vehicles, and production shot up 9.5% to 7.47 million units.

Also, Toyota is reportedly planning to build a third car plant in India to expand production capacity, according to a report from Reuters.

The report added that the company aims for the plant to start with a capacity of 80,000-120,000 vehicles a year and expand to 200,000 over time.

Price Action: TM shares closed higher by 1.05% at $182.39 on Wednesday.