Toyota wait times are expected to decrease as the company aims for record production in 2023

Toyota wait times are expected to decrease as the company aims for record production in 2023

Toyota is targeting a new production record of 10.6 million vehicles this year to reduce wait times for its most popular models.

Japanese auto giant Toyota is targeting record production of 10.6 million vehicles in 2023 as it struggles to recover from production declines and semiconductor shortages during the global pandemic over the past two years.

The latest production forecast is the best news for Toyota buyers since the pre-pandemic era, as wait times in Australia for the company’s most popular models, including the LandCruiser and RAV4 Hybrid, have risen to more than 18 months.

The target is a sharp increase from the likely outcome from 2022 onwards, as Toyota lowered its most recent forecast to 9.2 million vehicles from 9.7 million vehicles for Japan’s March 2023 financial close.

Toyota produced 8.6 million vehicles in the past fiscal year.

Improvement in supply chains for components has contributed to the higher forecast, according to Toyota.

There are still risks, however, and Toyota has warned it could miss its target by as much as 10 percent if semiconductor shortages continue into 2023.

Even so, a 10 percent drop from the Toyota target would still leave a production total of around 9.54 million vehicles.

“Predictions are difficult at this point,” Kazunari Kumakura, Toyota’s purchasing manager, said in a statement.

“We’ve talked about it repeatedly to achieve viable production schedules with minimal variability,” Toyota said.

“Our approach to our 2023 production plan is to . . . to deliver as many vehicles as possible to our customers at the earliest possible time.”

There was no comment from Toyota Australia on the new production target, described by Japan as a “baseline” to help suppliers with a cap on their own production planning.

Paul Gover

Paul Gover has been a motoring journalist for more than 40 years and has worked for newspapers, magazines, websites, radio and television. A qualified general news journalist and sports reporter, his passion for driving has taken him to Wheels, Motor, Car Australia, Which Car and Auto Action magazines. He is a champion racer as well as a World Car of the Year judge.

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