Toyota Aims to break Production Records in 2024

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Toyota Aims to break Production Records in 2024

In an ambitious stride forward, Toyota is poised to set a new benchmark in its production capacity, targeting the assembly of approximately 10.3 million vehicles globally in 2024. This move, if realised, will mark a historic peak in the company's annual production volumes for the second successive year, a feat reported by Nikkei this Monday.

Underpinning this surge in production is a confluence of favourable factors. Notably, Toyota is capitalising on the robust demand for its hybrid vehicles, a segment that has witnessed burgeoning growth. Adding to this momentum is alleviating the previously constraining shortages of automotive semiconductors and other essential components, painting a promising picture for the automotive giant's operational capabilities.

In a detailed breakdown of its 2024 production agenda, Toyota has set its sights on manufacturing 3.4 million vehicles on its home turf in Japan, complemented by an ambitious target of 6.9 million units across its international facilities. These projections include the output from its luxury division, the Lexus brand. However, it's worth noting that these plans were not part of an official announcement from the company, a point underscored by a Toyota spokesperson who chose not to elaborate further on the matter.

Looking beyond the immediate horizon, Nikkei sheds light on Toyota's strategic outlook, revealing that the automaker's aspirations soar even higher. The company is gearing up to surpass an annual production threshold of 10.5 million vehicles. In a nod to the shifting paradigms of the automotive industry, Toyota is not just focusing on scaling its production volumes. Still, it is also steering its strategic focus towards electric vehicles. The company has earmarked its electric vehicle production targets at about 250,000 units in 2024, with an eye on a substantial increase to 600,000 cars by 2025.

 Reflecting on the company's performance in the recent past, Toyota's production engine has been running at full tilt. The automaker reported a production count of 9.2 million vehicles in the first 11 months of 2023, a figure disclosed in their previous month's report. A significant highlight of this period was the consumer preference for Toyota's petrol-electric hybrid models, which accounted for a third of its total vehicle sales worldwide.

As Toyota gears up for a year of record-breaking production, the industry watches keenly, anticipating how these ambitious plans will unfold in the dynamic landscape of global automotive manufacturing.

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