Toyota Plans To Produce 10.3 Million Cars In 2024

Toyota Motor Corp. has notified its parts suppliers that it intends to produce a record 10.3 million vehicles globally in 2024, achieving an all-time high for the second consecutive year.

Toyota, the world's largest automaker, already set a new single-year record by producing 9.23 million units from January to November last year. I Photo: TOYOTA Facebook

This plan is supported by an easing chip shortage and robust demand for hybrid cars, according to Kyodo News.

The production target covers Toyota and Lexus brand cars and excludes the production by its small-car unit, Daihatsu Motor Co., which halted all shipments last month following the discovery of safety test cheating.

Toyota, the world's largest automaker, already set a new single-year record by producing 9.23 million units from January to November last year.

Domestic production is expected to exceed 3 million units for two consecutive years, a level Toyota deems necessary to sustain its operations at home without resorting to job cuts.

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