Toyota Motor Corporation (NYSE:TM) saw a 6.2% drop in global production in November, with a total of 869,230 vehicles manufactured.
Production within Japan fell by 9.3% year-over-year, amounting to 285,761 units. Outside of Japan, Toyota's production saw a smaller decline of 4.6%, reaching 583,469 units.
The company's U.S. output was particularly hard-hit, dropping 11.8%, though recovery is underway. Production of the Grand Highlander and Lexus TX SUV models resumed in late October after a four-month pause, Reuters reports.
In China, production fell by 1.6%, a slight improvement compared to the 9% drop in the previous month. Toyota saw stronger sales of its Granvia and Sienna minivans, as well as the electric sedan bZ3, developed in partnership with BYD Co., Ltd. (OTC:BYDDY) (OTC:BYDDF).
In other news, Toyota recently made headlines for a reported $1 million donation to President-elect Donald Trump's inauguration, The Guardian reports.
The news came a day after Ford Motor Company (NYSE:F) and General Motors Company (NYSE:GM) announced similar donations. Both of these U.S. automakers also pledged to provide vehicles for the inauguration.
Additionally, Toyota's North American division received $4.5 million in federal funding from the U.S. Department of Energy's ARPA-E program. This funding supports a project aimed at enhancing the circular supply chain for electric vehicle (EV) batteries.
In partnership with Oak Ridge National Laboratory, the National Renewable Energy Laboratory, and Baker Hughes' Waygate Technologies, Toyota is working on improving battery disassembly, component classification, and recycling to reduce waste and emissions.
Price Action: TM shares closed 0.54% higher to $181.43 on Tuesday, shares fell 0.24% afterhours.
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