Toyota plans to produce 10.4 million cars by March 2023

Strong demand in China and US markets expected to boost sales

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Toyota to produce 10.4 million cars by March 2023 www.financialstand.com

Toyota Motor plans to produce a total of 10.4 million units globally combining its Toyota and Lexus brands for the fiscal year through March 2023.

This will top 10 million units for the first time, boosted by increased demand in the wake of a successful vaccination campaign as well as sufficient production of semiconductors.

The Japanese auto giant, which expects China and the US to bolster the automotive market, has notified its main suppliers of its production plans.

Toyota’s increased production is likely to also lift manufacturers involved in the automobile supply chain.

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