Toyota Motor Corporation (NYSE:TM) shares are trading relatively flat on Friday.
The auto behemoth saw a 1.4% increase in global sales, reaching 903,103 vehicles in October. This marked the first sales rise in five months. Sales outside Japan rose by 0.4% to 759,555.
This includes sales from Toyota’s Lexus brand but excludes results from Daihatsu and Hino.
North American sales fell by 5.3%, while in Latin America, sales increased by 18.6%. Sales in Europe increased 1.4%.
The company’s worldwide production fell 0.8% year over year to 893,164 vehicles. In China, production fell by 8.7%, reflecting market conditions. Additionally, Toyota’s output in Thailand dropped by 12.8%.
Earlier this month, the company reportedly shared ambitious production goals for China while maintaining a cautious stance toward the U.S.
The Japanese automaker plans to produce at least 2.5 million vehicles annually in China by 2030.
Toyota aims to bring its sales and production operations closer together and give local executives more control over development.
Meanwhile, Toyota’s North American COO reportedly criticized U.S. policies that push rapid electric vehicle adoption and fail to reflect current consumer demand.
Jack Hollis, COO of Toyota North America, argued that EV sales should grow naturally without penalizing gas-powered vehicles, noting that government support for EVs has been a contentious topic in the recent U.S. presidential election.
Hollis pointed out that the EPA and California emission regulations are “ahead of the consumer,” creating a mismatch with what buyers want.
Price Action: TM shares are trading higher by 0.40% to $170.40 at last check Friday.
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