Toyota Motor Corporation (TM - Free Report) has announced that it produced 1,983,723 vehicles at its North American vehicle assembly plants in 2017. The primary driving forces behind 2017 production were robust demand for sports utility vehicles (SUVs) and trucks, sustained economic stability, and low price of fuel. However, the production volume is nearly 1% lower than 2,124,608 vehicles produced in 2016.
In North America, Toyota’s total vehicle production has reached nearly 32 million since 1986. Jim Lentz, CEO of Toyota Motor North America (TMNA), said, “Our ongoing success is due to the hard work and dedication of team members at our 14 manufacturing plants in North America.”
The Japanese auto giant will add its 15th manufacturing plant in a JV with Mazda, in Huntsville, Alabama, in 2021. Also, the vehicle manufacturer announced that it will make large amount of investments in its different manufacturing facilities. Earlier this year, Toyota had announced of investing $1.33 billion at Toyota Motor Manufacturing, Kentucky and that it has invested $373.8 million in five manufacturing plants.
The company has underperformed the industry it belongs to over the last three months. Its shares have increased 12.6% compared with the industry’s growth of 16.8 %.
Ford carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
A few other top-ranked automobile stocks in the same space are Volkswagen AG (VLKAY - Free Report) , Allison Transmission Holdings, Inc. (ALSN - Free Report) and Lear Corporation (LEA - Free Report) , each carrying a Zacks Rank #2.
Volkswagen has a long-term growth rate of 12.9%. The company’s shares have gained 41.8% in the past 12 months.
Allison Transmission has a long-term growth rate of 10%. The company’s shares have gained 35.3% in the past 12 months.
Lear Corporation has a long-term growth rate of 7.1%. The company’s shares have gained 34.9% in the past 12 months.
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