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Toyota says it will build record 800,000 vehicles in January

The production plan for January represents an increase of 60,000 vehicles on output a year earlier

The Toyota Motor Company said on Wednesday (16 December) that it plans to build 800,000 vehicles globally in January – a record for the month – as it ramps up production to make up for output lost to parts shortages.

“We will continue to maintain our production forecast of the nine-million-unit level” for the year to 31 March, the company said in a press release.

The production plan for January represents an increase of 60,000 vehicles on a year earlier.

EVs

The world’s largest automaker by volume has been affected by a shortage of parts supplied by COVID-19-hit factories in Malaysia and Vietnam.

The company this week said those shortages are forcing it to halt some manufacturing in Japan in December, resulting in lost production of 14,000 cars for the month.

Meanwhile, Toyota is also planning to invest US$35 billion to build a full line-up of 30 battery-powered electric vehicles by 2030.

It aims to also increase global sales of battery electric vehicles by 3.5 million units a year by the end of the decade, the company’s chief executive officer, Akio Toyoda, said Tuesday.

Most of Toyota’s current electric vehicle sales are hybrid electric cars that are powered by a combination of an internal combustion engine and battery-operated electric motor. Battery-only EVs make up only a fraction of its current sales.

The Japanese automaker will increase new investments into battery technologies by ¥500 billion ($4.4 billion) to ¥2 trillion yen, according to Toyoda. It will be part of the company’s broader ¥4 trillion investment into battery electric vehicles and will include capital expenditure as well as research and development.

Toyota also plans to invest another ¥4 trillion in other types of electric vehicle, including hybrid cars, plug-in hybrids and fuel-cell electric vehicles, which use hydrogen as a power source.

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