Toyota Motor Corporation (NYSE:TM) released their sales, production, and export results for the month of May on Thursday, reporting a 10% jump in global sales from the same time last year.
The company sold an impressive 838,478 vehicles globally last month, including the automaker’s its luxury car brand Lexus. A significant improvement over the 761,466 vehicles sold in May 2022, when sales took a heavy hit from a shortage of semiconductors and other parts caused by the pandemic.
Hybrid vehicle sales experienced a remarkable 26% growth compared to the previous year, reaching a total of 261,147 units globally. These hybrids accounted for slightly less than one-third of the total vehicles sold last month. Additionally, Toyota made a significant contribution to the electric vehicle market by selling 9,923 battery electric vehicles. As a result, the cumulative number of battery-powered vehicles sold in the first five months of 2023 reached an impressive 35,980 units.
Shares of TM are up 0.18% in mid-day trading on Thursday.