Type to search

Toyota Eyes 10.3 Million 2024 Production Target, Hybrid Boost

The Japanese automaker says it is confident chip shortages won’t hamper it manufacturing what will be a record number of vehicles this year

Japan's Toyota Motor Corp posted a worse than expected plunge in profit of 25% on Tuesday, as the carmaker battles a persistent shortage of semiconductors.
The Toyota logo is seen at the Auto Shanghai show in Shanghai, China, 2021. Photo: Reuters


Japanese auto giant Toyota has set itself a target of 10.3 million vehicles rolling off its production lines this year, as it pins its hopes on more strong sales of its hybrid autos.

Toyota is renewing its record annual production target for a second consecutive year, the Nikkei reported on Monday, as it says the shortage of automotive semiconductors and other components is easing.

For the calendar year to December, the automaker says it aims to produce 3.4 million vehicles in Japan and 6.9 million vehicles overseas, the report said.


Also on AF: North Korea Hackers Share Networks With SE Asia Crime Gangs


The news comes after Toyota announced plans to accelerate its move into electric vehicles, with six new EV models being introduced in Europe over the next two to three years.

Toyota said it expected to sell more than 250,000 battery-powered vehicles annually in Europe by 2026, as it seeks steep growth in a market where it has long been overtaken by rivals.

Toyota also unveiled two new concepts for models that it plans to sell in the region later this decade.

One was a concept model for a battery-powered small SUV that it plans to launch in 2024 and the other was a concept for a sports crossover model that is scheduled for introduction in 2025.

Toyota is targeting sales of 1.5 million battery-powered vehicles a year globally by 2026.


  • Reuters with additional editing by Sean O’Meara


Read more:

Toyota Shuts Daihatsu Factories After Safety Tests Scandal – CNN

Toyota Hit by Double Safety Probe Blow, Shares Slump

Toyota Plans Expanded Electric Vehicle Line-up for Europe

Toyota Speeds Up India Push With Third $400m Plant

Toyota to Pump $8 Billion More Into US EV Battery Factory



Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.


AF China Bond