The new model of the Century will be fully customizable on a global basis, the company said.

The production of the latest model will be done in the Tahara Plant. The manufacturer's suggested retail price for the vehicle is JPY25 million (~$170,000). 

Based on a concept of human-centeredness, the new model plans to launch in 2023 while the Century sedan will still be available.

The report noted that Toyota has mainly served the luxury market through its Lexus brand. The new Century will likely impact Toyota's brand image more than its bottom line.

The Century debuted in 1967 as Toyota's premium chauffeur-driven car.

When presenting the most recent iteration of the Century in 2018, Toyota said it had no strategies to vend the vehicle outside of Japan because it didn't think the car would appeal to foreigners, WSJ added.

However, the new model of the Century will be fully customizable on a global basis by listening to the needs of each individual customer. 

"The aim is to deliver "freedom in motion―the ultimate freedom of movement" to even more people," the company said.

Price Action: TM shares are trading higher by 2.27% at $179.35 in the premarket on the last check Wednesday.