Toyota Motor Corp. is planning to build a record 8.79 million vehicles under the Toyota and Lexus brands in 2013 and 9.5 million in 2014, a member of the Federation of All Toyota Workers' Union revealed to Reuters. Toyota likewise plans to build 3.02 million vehicles in Japan in 2013 and 3.0 million vehicles in 2014, thereby sticking to its promise to continue building at least 3 million cars at home, the union member added. The union member further told Reuters that the Japanese carmaker presented the figures to labor unions during pay negotiations. Toyota’s production increase comes in the midst of a shift in the carmaker’s capital expenditure plan.
Toyota expanded too quickly to meet high demand but hit a bump when the financial crisis occurred and the Japanese yen started to rise. The carmaker has said that as part of its capital expenditure plan, it would not construct new plants over the next three years except for ones it has already announced investments in.
The carmaker will instead hike production by fully utilizing and operating existing site, according to Senior Managing Officer Takahiko Ijichi. Toyota managed to regain the crown as the world's best-selling automaker, knocking out General Motors and surpassing Volkswagen AG. Toyota built around 8.74 million vehicles globally in 2012 under the Toyota and Lexus brands. For the entire Toyota group, which includes Daihatsu Motor Co and Hino Motors, total production was 9.91 million vehicles.
