Toyota Motor’s (NYSE:TM) overseas sales and production figures increased year-over-year for November 2023. The company saw strong demand, particularly in North America, as well as ease in supply shortages.
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The company sold 796,484 vehicles globally during the month, which reflects 2.9% growth from the year-ago period. The rise was primarily due to 4.4% higher sales outside of Japan, while domestic sales (including mini vehicles) tanked by 5.5%.
Coming to production numbers, the company’s worldwide figure reached a record high of 833,104. Also, it reflects a 1.5% jump from November 2021. Once again, the uptick was due to higher production in the overseas market.
Toyota, which is based in Japan, manufactures and sells passenger and commercial vehicles, as well as related parts and accessories.
Is TM a Buy, Sell, or Hold Stock?
TM stock has a Hold consensus rating based on three Hold recommendations. The average stock price target of $152.40 implies 11.1% upside potential.
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