Toyota Motor Corp., on Monday said its global production in October increased to 697,439 vehicles, 13.7 percent more compared to the same period of 2010. However, year to date production declined 11.5 percent to 5,635,815 units.
Toyota, Japan’s largest automaker who is struggling to recover from March’s earthquake and tsunami is now facing other serious problems : an appreciating Japanese yen and the floods in Thailand.
The yen has soared 12 per cent against the U.S. dollar in the past year, a further blow to Toyota’s American sales, which have been hit hard by parts shortages as well as the stumbling U.S. economy.
In addition, Flooding in Thailand, a major manufacturing hub for several Japanese automakers, has led to new shortages of critical parts for both Toyota and rival Honda.
The country’s worst floods in 50 years have affected more than two million people and caused unemployment to thousands of factory workers all over the country.
However, Toyota said October was the third consecutive month of production increase in Japan.