Toyota Aims to Set New Record Global Vehicle Production in 2024 - What's Driving The Demand?

Toyota Motor Corp TM is gearing up to set a new record in global vehicle production for the second year running, aiming to manufacture about 10.3 million vehicles in 2024.

This ambitious goal comes as the automotive giant experiences a surge in demand for its hybrid vehicles, reported Reuters.

With a steady recovery from the semiconductor shortage and other component issues, Toyota is well-positioned to increase its production capacity significantly.

For the year ending December 2024, the world’s largest automaker by sales intends to split this production into 3.4 million vehicles in Japan and 6.9 million in overseas markets, encompassing its luxury Lexus brand.

However, these production targets were not officially announced by the company.

Toyota has set its electric vehicle production target at about 250,000 vehicles in 2024 and 600,000 units in 2025.

Out of the 9.2 million vehicles during the first 11 months of 2023, a third of the vehicles sold worldwide over the period were gasoline-electric hybrids.

Price Action: TM shares traded lower by 0.35% at $195.00 premarket on the last check Tuesday.

Also Read: Toyota Set To Launch Solid-State Battery Vehicles In About Two Years: Report

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