Toyota, the world’s largest automaker by sales, plans to produce 10.3 million vehicles worldwide in 2024, which would set a new annual production record for the second consecutive year, Nikkei reported.
This ambitious target comes amidst a backdrop of flourishing sales in hybrid vehicles and an alleviation in the scarcity of automotive semiconductors and other essential components.
At the heart of this production surge is Toyota’s strategy to increase its output both domestically and internationally. The company aims to manufacture 3.4 million vehicles in Japan and 6.9 million in its overseas facilities, including the Lexus brand.
Toyota has not officially announced these production figures. A spokesperson for the company refrained from commenting further on the report.
In addition to its focus on hybrid vehicles, Toyota is also setting sights on the EV market. Nikkei reported Toyota’s production plans include about 250,000 EVs in 2024, and 600,000 units in 2025.
In the first 11 months of 2023, Toyota produced 9.2 million vehicles. About a third of the vehicles sold worldwide during this period were gasoline-electric hybrids.
