Toyota's global output falls for a fourth month in February on model change

Global production fell for a fourth successive month in February, driven by weaker output in Canada as Toyota shifted production from the old to the new RAV4 SUV. The decline appears tied to a temporary model changeover rather than broad demand weakness, implying localized near-term supply disruption concentrated on the RAV4 transition.

Analysis

Global production fell for a fourth successive month in February, driven by weaker output in Canada as Toyota shifted production from the old to the new RAV4 SUV. The decline appears tied to a temporary model changeover rather than broad demand weakness, implying localized near-term supply disruption concentrated on the RAV4 transition.