Toyota Aims to Set New Record Global Vehicle Production in 2024 - What's Driving The Demand?
Portfolio Pulse from Shivani Kumaresan
Toyota Motor Corp (NYSE:TM) plans to produce a record 10.3 million vehicles in 2024, driven by high demand for its hybrid vehicles. The company is recovering from semiconductor shortages and aims to split production between 3.4 million in Japan and 6.9 million overseas. Toyota's electric vehicle production target is set at 250,000 for 2024 and 600,000 for 2025. A third of the 9.2 million vehicles sold in the first 11 months of 2023 were hybrids. TM shares saw a slight premarket drop of 0.35%.
January 16, 2024 | 1:23 pm
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Toyota aims for a record production of 10.3 million vehicles in 2024, with a strong focus on hybrid and electric vehicles. The company's stock experienced a slight premarket decline of 0.35%.
Toyota's ambitious production targets for 2024 indicate a positive outlook for the company, suggesting a potential increase in revenues from high demand for hybrids and EVs. The slight premarket stock dip is likely a short-term reaction and may not reflect the long-term potential growth from these plans.
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