Toyota is aiming to produce some 10.3 million vehicles this year in what would be a record for the Japanese manufacturer.
Hot on the heels of a wildly successful 2023 that saw it build 9.23 million vehicles between January and November (December figures have not yet been announced), Toyota is looking to build 3.4 million vehicles in Japan this year and another 6.9 million overseas, including for the Lexus brand. Japanese newspaper Nikkei first published the reported planned production figures but Toyota itself says the numbers have not been released by them.
The report goes on to state that Toyota anticipates producing approximately 250,000 electric vehicles in 2024 before ramping up this figure to 600,000 units in 2025.
Read: 2025 Toyota Camry Goes Hybrid-Only, Loses V6, Thinks America Still Wants Sensible Sedans
A key reason for Toyota’s growing production and sales figures is the demand for its hybrid models, including traditional hybrids, mild hybrids, and plug-in hybrids. Toyota sold a total of 3.1 million HEVs between January-November 2023, 24,127 MHEVs, and 112,807 PHEVs. Reuters reports that the firm plans to increase production of its hybrid models thanks to the market’s increasingly strong demand.
While Toyota continues to enjoy plenty of success with its combustion-powered vehicles, its sales of battery-electric vehicles remain small. It sold just 95,220 BEVs between January and November last year and while that was a significant increase from the 24,466 it sold in 2022, the number is still behind many of its competitors.
During the first 11 months of last year, Toyota produced 3,099,950 vehicles in Japan and 6,131,118 in overseas markets, representing 27.3% and 4% increases year-over-year respectively. When including the Hino and Daihatsu brands, Toyota built a total of 10,612,020 vehicles between January and November 2023.
