Shares of automotive major Toyota (NYSE:TM) are on the rise today after the company achieved an 11% increase in its global production during November on the back of robust demand.
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The company produced 926,573 vehicles in November and witnessed a 14% year-over-year rise in its global sales. While sales in the U.S. and China shot up by 17%, its domestic sales increased by 27% during the month.
Notably, nearly a third of Toyota’s vehicle sales for the year have been gasoline-electric hybrids. Additionally, the company is on track to hit 10 million global vehicle sales this year, according to Reuters.
However, the company’s shares have trended nearly 4% lower this month amid a slew of concerns. Daihatsu, a subsidiary of Toyota, shut down production at four of its plants in Japan over improper safety tests. The company has also suspended all vehicle shipments. Further, Toyota is recalling one million vehicles due to faulty sensors in the front passenger seats that can lead to the non-deployment of airbags.
Is TM a Good Stock?
Despite these challenges, Toyota shares still remain nearly 32% higher over the past year. Overall, the Street has a Moderate Buy consensus rating on Toyota stock.
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