Toyota sees vehicle output climbing more than 10% during 2023

TOYOTA Motor expects to assemble as many as 10.6 million vehicles during 2023, while warning that final output could be 10 per cent lower if it is unable to procure enough parts, especially semiconductors.

The newly issued target by the world’s No 1 carmaker would be a significant jump from the planned 9.2 million vehicles that it plans to produce for the fiscal year through March, implying that it could manufacture at least 10 per cent more units.

The carmaker had lowered the production outlook for the current period in November, citing a persistent lack of chips for automobiles. Parts shortages stemming from Covid-related lockdowns have challenged the global auto industry, on top of rising costs for materials and logistics.

“Currently, we are working towards a production volume with a ceiling of 10.6 million units for 2023,” Toyota said in a statement on Monday (Jan 16), adding that there’s a “downward risk fluctuation range of approximately 10 per cent.” BLOOMBERG