Toyota prepares to boost its global vehicle production to about 10.3 million vehicles

According to a January 15 report from Nikkei Asia, the world’s largest financial publication, the Japanese automaker Toyota intends to produce over 10.3 million vehicles globally in 2024. This would mark the second consecutive year the company achieved a record annual production total. 

The report further reveals that Toyota is preparing to increase production in part due to strong hybrid sales. The shortage of automotive semiconductors and other components is also easing, setting the company up for a rapid recovery. For the full year, the automaker aims to manufacture 6.9 million vehicles overseas, including its luxury Lexus brand, and 3.4 million units in Japan.

Toyota would target an annual output of over 10.5 million vehicles, the Nikkei reported. It added that the automaker set its EV production levels at roughly 250,000 cars for 2024 and 600,000 units in 2025. 

As of last month, Toyota reported that it had produced 9.2 million cars in the first eleven months of 2023. Approximately one-third of the vehicles it sold during that time were gas-electric hybrids.