Global sales for Toyota Motor Corp. Surge 10% in May on Chip Supply Recovery

Toyota Motor Corporation Stock

Toyota Motor Corporation ADR Stock Forecast:

According to the forecast from two analysts, the average target price for Toyota Motor Corporation ADR stock over the next 12 months is USD 160.00. The analysts have given it a Strong Buy rating. However, Stock Target Advisor‘s own analysis suggests a slightly bearish outlook, considering 4 positive signals and 5 negative signals.

At the last closing, Toyota Motor Corporation ADR’s stock price was USD 160.11, indicating a slight increase. Over the past week, the stock price has risen by +2.31%, while over the past month, it has increased by +14.30%. Looking at the last year, the stock price has shown a growth of +1.91%.

Toyota Motor Corp. News:

Toyota Motor Corp, the renowned Japanese automaker, reported an impressive 10% increase in global sales for May compared to the previous year. The company’s sales growth can be attributed to multiple factors, including the recovery in the supply of chips and other crucial parts, as well as robust sales performance in key markets. Despite the challenges posed by the pandemic, Toyota has managed to bounce back and deliver impressive results. Let’s delve into the details of Toyota’s May sales figures and explore the factors behind its success.

In May 2023, Toyota sold a total of 838,478 vehicles globally, including its luxury car brand Lexus. This figure marks a significant improvement over the 761,466 vehicles sold in May 2022 when the company faced disruptions in its supply chain due to the pandemic. The recovery in chip and parts supply has played a vital role in boosting Toyota’s sales performance.

In its home market of Japan, Toyota experienced a remarkable sales jump of 35.1% in May, with 116,954 units sold. This growth rate outpaced the 21.5% year-on-year rise recorded in April, indicating a sustained recovery in domestic demand. The positive sales trend in Japan reflects the resilience of the Japanese automotive industry and the strong consumer response to Toyota’s vehicles.

Toyota has been actively expanding its electric vehicle (EV) lineup, and the efforts have started to pay off. In May, the company sold 9,923 battery electric vehicles worldwide, including those under the Lexus brand. This figure contributes to a total of 35,980 battery-powered vehicles sold by Toyota in the first five months of 2023. Toyota’s commitment to sustainable mobility and its investment in EV technology are driving the company’s growth in the rapidly evolving electric vehicle market.

 

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