Toyota reports record high global production for March, despite slump at home -Breaking
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© Reuters. FILE PHOTO – Workers in Aichi Prefecture install the Toyota Mirai’s fuel cell power system at a Toyota Motor Corp. plant in Toyota, Japan. April 11, 2019. REUTERS/Joe WhiteTOKYO, Reuters Toyota Motor (NYSE:) Corp posted Wednesday record global production for March. This was despite a decline in domestic production. It highlights the effects of Japanese factory shutdowns and lower consumer demand.
Japan’s biggest automaker made 866 775 cars worldwide in March, it announced. This is a 2.8% increase over the previous month and an all-time monthly record.
Toyota experienced a drop of almost 16% in domestic production to 261,759 units. It was the victim of a cyberattack by one its suppliers, which brought an end to all domestic factory operations for one day.
As Japan struggles to cope with rising costs and slow growth, domestic production will likely be another sign of its weak economy.
Toyota’s domestic output was affected by the northeastern Japan earthquake that caused a 7.4 magnitude tsunami. Daihatsu and Hino Motors, both group automakers were also affected.
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