Toyota Production Up 16% in Oct

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Toyota Motor Corporation’s (TM) total worldwide production increased 16.1% year over year to 913,973 units in Oct 2013. While production in Japan improved 10.1% to 368,341 units, production outside Japan surged 20.5% to 545,632.

This is the second consecutive month that Toyota delivered improved production both in and outside Japan. In fact, production outside Japan reached a record high. The production figure includes the production of passenger cars, trucks and buses by Toyota as well as its subsidiaries Hino Motors, Ltd. and Daihatsu Motor Co., Ltd.

Total sales in Japan increased 9.3% to 183,765 units, driven by a 33% surge in sales of Hino and an 11.8% increase in sales of Toyota. Sales in Japan increased for the second consecutive month, although the combined market share of Toyota, Hino and Daihatsu declined 3.2 percentage points to 43.6%.

Sales of Toyota minivehicles in Japan increased 11.1% year over year to 3,225 units in October. The market share of Toyota in Japan declined 1.6 percentage points to 31.9% including minivehicles and 2.4 percentage points to 49.7% excluding minivehicles.

Meanwhile, exports increased 6.6% year over year to 172,503 units, driven by a 127.6% surge in exports of Daihatsu to 783 vehicles, while Hino exports rose 1.8% to 7,881 units. Toyota exports increased 6.6% to 163,839 vehicles in October, driven by higher exports to North America, Latin America, Asia, Oceania and Africa.

Toyota’s exports increased for the second consecutive month, while the combined exports increased for the third consecutive month.

Some stocks in the automobile sector that are worth considering include Honda Motor Co., Ltd. (HMC), Daimler AG (DDAIF) and Fuji Heavy Industries Ltd. (FUJHY). All these stocks carry a Zacks Rank #2 (Buy).

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