Toyota Motor Corp, Nissan Motor Co and Honda Motor Co, Japan's three largest carmakers, boosted production for the fourth straight month in February to meet growing demand in North America, Western Europe and Asia.
Toyota increased global production 12 per cent to 603,629 vehicles in February, the company said in a release yesterday. Nissan's production rose 11 per cent to 316,404 vehicles, while Honda built 280,536 vehicles, 11 per cent more than a year earlier.
The three carmakers posted record global production for February as they are building new factories overseas or expanding existing plants to meet demand for their models. Toyota already has five assembly plants in the United States, Canada and Mexico, and next year will open the sixth plant in Texas. Honda is building its new Ridgeline pickup truck in Ontario, Canada, and Nissan expects higher sales in China this year.
"The trend that the automakers will keep boosting production won't change, as demand for their models is rising," Naohiko Sasaki, who helps manage the equivalent of US$3.4 billion in Japanese equities as co-head of investments at Kokusai Asset Management Co in Tokyo.
Toyota shares were unchanged at 4,030 yen (US$37.7) at the 3 pm close in Tokyo. Nissan shares rose 1 per cent to 1,098 yen (US$10.3). Honda shares added 1.6 per cent to 5,480 yen (US$51.2).
Toyota's domestic output rose 10 per cent to 342,657 units helped by demand for the Vitz compact car, while overseas output gained 13 per cent to 260,972 units. The Toyota City, Japan-based company's exports rose 10 per cent to 169,282 vehicles.
Toyota's President Fujio Cho aims to take 15 per cent of the global market within a decade and surpass General Motors Corp as the world's largest carmaker by unit sales. The company's current worldwide market share is 11 per cent.
Nissan's domestic production gained 7 per cent to 148,764 units, while overseas output rose 14 per cent to 167,640 units. Exports from Japan rose 7.7 per cent to 64,272 vehicles.
Tokyo-based Nissan is aiming for a fifth-consecutive year of record earnings. Nissan, which produces the Titan pickup trucks in North America, has been winning US market share from Ford Motor Co and General Motors Corp.
(China Daily 03/29/2005 page12)
