Toyota Slightly Above Target for New Vehicle Production in Fiscal 2023

According to Reuters, Japan's Toyota Motor's production for fiscal 2023 (from April 2022-March 2023) has set a new record, slightly exceeding its target of 9.1 million units of vehicles, thanks to improvements in the global chip supply woes and production disruptions caused by the COVID-19.
However, Toyota also noted that the global chip shortage will be prolonged and the impact is expected to persist, saying it is difficult to predict the future impact.
On April 27, Toyota said it produced 9.13 million units of vehicles in fiscal 2023, slightly above its target. However, due to the turmoil in the auto industry, the company had twice lowered its production target for fiscal 2023, from an initial target of about 9.7 million units to 9.1 million units. In fiscal 2022 (April 2021-March 2022), Toyota's production was 8.57 million units. In addition, in fiscal 2023, Toyota's production capacity in North America and Asia has increased.
In terms of sales, in fiscal 2023, Toyota sold 9.61 million units of new vehicles, which is not only higher than the 9.51 million units sold in fiscal 2022 but also a new record for the company's fiscal year sales. Toyota did not announce production and sales targets for the current fiscal year (April 2023 - March 2024).
Toyota has also announced electric vehicle sales for the natural year 2023. In the first three months of this year, it sold 17,473 units of pure electric vehicles, including those under the Lexus. By comparison, Toyota sold only 24,466 units of pure electric vehicles worldwide in 2022.
Earlier this month, it was reported that Toyota will launch 10 new pure electric car models by 2026, and will aim to sell 1.5 million units of electric vehicles per year by 2026. Toyota CEO Koji Sato said that in the coming years, the company will expand its line-up of pure electric models.