Toyota Aiming to Produce over 10 Million Vehicles Globally in 2024

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Toyota is setting out to hit a major milestone in 2024, aiming to produce over 10.3 million vehicles globally. This ambitious goal would mark a consecutive yearly record for the automaker, building on the success of the previous year’s production figures. The information, as reported by the Nikkei, highlights Toyota’s intention to capitalize on the strong demand for hybrid vehicles.

One key factor contributing to Toyota’s confidence in increasing production is the easing of the shortage of automotive semiconductors and other essential components. The global automotive industry has faced challenges in the supply chain due to semiconductor shortages, impacting production capacities. The reported improvement in component availability is expected to facilitate Toyota’s plans for heightened vehicle output.

According to the Nikkei report, Toyota’s production targets for the calendar year include manufacturing 3.4 million vehicles in Japan and 6.9 million vehicles overseas. These numbers encompass the production of vehicles under its luxury brand, Lexus. While the company has not officially announced these figures, a Toyota spokesperson acknowledged the report without providing additional comments.

Additionally, the Nikkei suggests that Toyota is not only aiming for 10.3 million vehicles but is setting a more ambitious target of over 10.5 million vehicles annually. The report also outlines the company’s strategic focus on electric vehicles (EVs), with plans to produce approximately 250,000 electric vehicles in 2024 and a further increase to 600,000 units in 2025. This signifies Toyota’s commitment to embracing the growing trend towards electric mobility.

In the backdrop of these goals, Toyota disclosed that it had produced 9.2 million vehicles during the first 11 months of the preceding year, with a noteworthy mention that around one-third of the vehicles sold globally during that period were gasoline-electric hybrids. This underlines the continuing significance of hybrid technology in Toyota’s product portfolio.

While the company’s official stance on the reported production targets remains unconfirmed, the information from the Nikkei provides insights into Toyota’s strategic direction, emphasizing its push towards increased production, hybrid vehicles, and a growing focus on electric mobility in the coming years.

Source: Reuters


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