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Zacks' 7 Best Strong Buy Stocks (New Research Report)
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Valued at $99, click below to receive our just-released report
predicting the 7 stocks that will soar highest in the coming month.
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Toyota (TM) Logs Record Sales & Production on High Demand
Toyota Motor (TM - Free Report) recorded an all-time high global production of 926,573 cars in November, representing a year-over-year rise of 11.2%. The automaker, along with its subsidiaries Hino Motors Ltd. and Daihatsu Motor Co., sold 986,262 vehicles in November, representing a year-over-year uptick of 12%.
The record sales and production in November are attributable to the steady demand from North America and Europe. An improvement in global chip shortage resulted in an increase in production outside of Japan. In November, Toyota’s production in Japan and overseas markets rose 18.3% and 7.9%, respectively.
In December, the automaker plans to ramp-up the production to increase its output to 10 million units in a year. It also aims to catch up with electric vehicle (EV) production giants such as Tesla and BYD.
The popularity of hybrid cars helped automakers achieve record sales in overseas markets. The sales in the overseas markets reached 765,317 units, whereas domestic sales rose to 139,749 units.
Toyota sold 343,981 electric vehicles globally in November, representing an uptick of 53.4% year over year. In November, its hybrid sales rose 52%, while battery electric vehicle (BEV) sales increased by 227%.
Per Toyota, a rise in global economic activity following the coronavirus pandemic benefited the company.
Toyota aims to generate 40% of its global sales from EVs by 2025 and 70% by 2030. The company plans to invest around $35 billion for a lineup of 30 BEVs by 2030. It aims to expand global sales of BEVs to 3.5 million units a year by 2030.
Zacks Rank & Other Key Picks
TM currently carries a Zacks Rank #2 (Buy).
Some other top-ranked players in the auto space are Stellantis N.V. (STLA - Free Report) , Volvo (VLVLY - Free Report) , and BYD Company Limited (BYDDY - Free Report) . While STLA sports a Zacks Rank #1 (Strong Buy) at present, VLVLY and BYDDY carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for STLA’s 2023 sales and earnings indicates year-over-year growth of 12.3% and 11.3%, respectively. The EPS estimates for 2023 and 2024 have increased 6 cents and 33 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for VLVLY’s 2023 sales and earnings suggests year-over-year growth of 4.2% and 70.6%, respectively. The EPS estimates for 2023 and 2024 have improved 8 cents and 7 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for BYDDY’s 2023 sales and earnings implies year-over-year growth of 35.7% and 74.7%, respectively. The EPS estimate for 2023 has moved up 62 cents in the past 90 days. The EPS estimate for 2024 has inched up by a penny in the past 60 days.