Toyota Keeps Rolling With Record July Sales as EV and Hybrid Demand Surges
This article first appeared on GuruFocus.
Toyota (TM, Financials) just had another solid month and it’s starting to feel like clockwork. The world’s biggest automaker posted a 4.8% jump in global sales in July, hitting nearly 900,000 vehicles and setting a new record for that month.
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What’s driving the surge? A one-two punch of hybrid and electric vehicle demand in China, and steady strength in North America. On top of that, production climbed 5.3%, also a record for July, suggesting Toyota is having fewer headaches in its supply chain compared to earlier years.
The Lexus brand is included in these numbers, and while Toyota didn’t break out model-level details, it’s clear the push toward electrified vehicles especially hybrids is paying off.
Management kept things tight in terms of commentary, but the trend is pretty loud on its own: seven straight months of growth, two straight months of production highs, and growing traction in key international markets. It’s not flashy, but it’s effective very Toyota.
