n n n ‘. concat(e. i18n. t(“search. voice. recognition_retry”),’n
Toyota Motor TM reported record global production of 926,573 vehicles in November, representing a year-on-year increase of 11. 2%. The automaker, along with its subsidiaries Hino Motors Ltd. and Daihatsu Motor Co. , sold 986,262 cars in November, a 12% year-over-year increase. Record sales and production in November can be attributed to continued demand from the North. America and Europe. An improvement in the global chip shortage has led to an increase in production outside Japan. In November, Toyota production in Japan and developing markets increased by 18. 3% and 7. 9%, respectively. In December, the automaker plans to increase production to 10 million units per year. It also aims to catch up with electric vehicle (EV) production giants such as Tesla and BYD. The popularity of hybrid cars has helped automakers achieve record sales in the markets. Sales in the markets reached 76,5,317 devices, while national sales reached 139,749 devices. Toyota sold 343,981 electric vehicles worldwide in November, a year-on-year increase of 5. 4%. In November, its sales of hybrid vehicles increased by 52%, while those of battery electric vehicles (BEV) increased by 227%. According to Toyota, the increase in global economic activity following the coronavirus pandemic has benefited the company. Toyota aims to generate 40% of its global sales. of electric vehicles until 2025 and 70% until 2030. The company plans to invest around $35 billion in a variety of 30 BEVs until 2030. It aims to increase global BEV sales to 3. 5 million units by year until 2030.
TM lately has a Zacks Rank #2 (Buy). Other prominent players in the automobile sector include Stellantis N. V. STLA, Volvo VLVLY and BYD Company Limited BYDDY. While STLA lately carries a Zacks Rank #1 (Strong Buy), VLVLY and BYDDY bring a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. The Zacks Consensus Estimate for STLA’s 2023 sales and earnings indicates year-over-year expansion of 12. 3% and 11. 3%, respectively. EPS estimates for 2023 and 2024 have increased by 6 cents and 33 cents, respectively, over the last 30 days. The Zacks Consensus Estimate for VLVLY’s sales and earnings in 2023 suggests year-over-year expansion of 4. 2% and 70. 6%, respectively. EPS estimates for 2023 and 2024 have increased 8 cents and 7 cents, respectively, over the last 30 days. The Zacks Consensus Estimate for BYDDY’s 2023 sales and earnings implies year-over-year expansion of 35. 7% and 74. 7%, respectively. The 2023 EPS estimate has increased 62 cents in the last 90 days. The 2024 EPS estimate has increased by a cent in the last 60 days.
Want the latest recommendations from Zacks Investment Research?Today you can download the 7 stocks for the next 30 days. Click for this free report
Toyota Motor Corporation (TM): Free Stock Analysis Report
AB Volvo (VLVLY): Free Inventory Analysis Report
Byd Co. , Ltd. (BYDDY): Free Inventory Analysis Report
Stellantis N.V. (STLA) : Free Stock Analysis Report
For this article in Zacks. com, click here.
Zacks Investment Research