The Strategist

Nikkei: Toyota to produce over 10 million cars in a year for the first time in 2023

08/31/2023 - 15:35

6.8 million of them will be produced overseas and 3.4 million will be made in Japan.

Lissa Ann Photography
Lissa Ann Photography
For the first time ever, Toyota Motor Corporation will assewmble more than 10 million vehicles over the course of a year, reports Nikkei newspaper.

The plan is set at a level of 10.2 million cars, as the company’s data suggests. Of them, 3.4 million cars will be made in Japan, and the remaining 6.8 million will be manufactured elsewhere. As a result, these numbers will increase by 30% and 10%, respectively, from the previous year.

If the strategy is implemented successfully, Toyota Motor will first surpass the threshold of producing 10 million vehicles annually. Toyota Motor expects to sell 11 million vehicles annually by 2025.

Following the fall seen during the epidemic, the company is currently increasing volumes. Only 7.9 million cars were produced in 2020, while 9.02 million were produced in 2021. At that, supply chain hazards to production still exist. For instance, this week, all 14 Toyota Motor plants in Japan had their operations suspended for over a day due to a systemic issue with the component supply system.