Toyota (NYSE:TM) Motor is planning to produce approximately 10.3 million vehicles globally in 2024, renewing its record annual production for the second consecutive year, according to a report by the Nikkei. The increased production is attributed to strong sales of hybrid vehicles, and the easing of shortages in automotive semiconductors and other components.

For the calendar year to December, Toyota aims to produce 3.4 million vehicles in Japan and 6.9 million overseas, including its luxury Lexus brand. The company is reportedly targeting annual output of over 10.5 million vehicles, with electric vehicle production set at around 250,000 vehicles in 2024 and 600,000 units in 2025. Toyota produced 9.2 million vehicles in the first 11 months of 2023.