Toyota Motor will produce a new record 11 million units in fiscal 2022

The U.S. Stock Research Agency learned that according to Zhitong Financial News, it is reported that Toyota Motor (TM. US) plans to produce 11 million vehicles worldwide in fiscal year 2022, which begins in April this year. If this is achieved, it will break the record set by the company in 2016.

This target marks a significant 20 percent increase in the company's production in fiscal 2022, which also indicates that the automotive market is on the verge of a strong recovery. Last year, the automotive market was affected not only by the COVID-19 pandemic, but also by the global shortage of semiconductors.

Separately, the report noted that Toyota has informed its suppliers of its plans. The company plans to produce 7.5 million vehicles overseas and 3.5 million in Japan, with a planned monthly production of more than 900,000 vehicles.

Still, the automaker faces challenges before entering a new fiscal year. The company will reduce production by 20% in February. Toyota has previously said it expects to produce about 9 million vehicles in fiscal 2021.