Toyota Motor (7203.T) is gearing up to set a new record in global vehicle production for the year 2024, aiming to manufacture approximately 10.3 million vehicles worldwide. This ambitious goal, as reported by Nikkei, would mark the second consecutive year of record production for the automotive giant.
The surge in production is largely attributed to the robust sales of Toyota’s hybrid vehicles. Additionally, the easing of the global semiconductor shortage and other component supply issues has played a significant role in enabling this increase.
Toyota, the world’s leading automaker by sales, plans to split this production between 3.4 million vehicles in Japan and a whopping 6.9 million overseas. These figures also include vehicles from their luxury Lexus brand.
A recent glimpse of Toyota’s momentum was seen at the New York International Auto Show in Manhattan, where the company’s presence was strongly felt. The iconic Toyota logo, a symbol of reliability and innovation, was prominently displayed, underscoring the brand’s global reach and influence.
However, it’s important to note that Toyota has not officially announced these production targets. A spokesperson for Toyota refrained from commenting further on the report, adding an element of anticipation and speculation around the company’s plans.
Looking ahead, Toyota is not just focusing on traditional and hybrid vehicles. The Nikkei report suggests that the company has set specific targets for electric vehicle (EV) production as well – around 250,000 units in 2024 and an ambitious 600,000 units by 2025. These figures indicate Toyota’s commitment to expanding its footprint in the EV market, a sector that’s witnessing exponential growth globally.
In the first 11 months of 2023, Toyota produced 9.2 million vehicles, as reported last month. Notably, about a third of the vehicles sold worldwide during this period were gasoline-electric hybrids, highlighting the growing consumer preference for more environmentally friendly and fuel-efficient vehicles.
In summary, Toyota’s production plans for 2024 are a clear indicator of the company’s robust health and its proactive strategy to meet the evolving demands of the global automotive market. With a strong focus on hybrids and a growing emphasis on electric vehicles, Toyota is well-positioned to maintain its leadership position in the industry.