Toyota Lifts Production Forecast For FY23

(RTTNews) - Japanese automaker Toyota Motor Corp. (TYT.L, TM) Monday said it is currently projects a baseline production volume with a ceiling of 10.6 million units for 2023, with a downward risk fluctuation range of around 10%.

However, as in the previous year, the impact of parts supply shortages such as semiconductors remains unclear.

Toyota's previous production forecast for the fiscal year was at approximately 9.2 million.

According to the company, the repeated adjustments to production plan was due to the spread of COVID-19 and shortages of parts such as semiconductors.

The company said, "The situation this year remains difficult to predict due to factors such as semiconductor shortages and the spread of COVID-19. However, we will continue to carefully examine parts supplies and supplier situations to create more stable production plans and reduce supplier burdens, while considering all possible production fluctuation measures to ensure that we can deliver as many vehicles as possible to our customers at the earliest date."