Toyota Motor Corp. plans to produce more than 10 million vehicles this year, becoming the first carmaker to reach that milestone, according to two people familiar with the matter.
Toyota and its subsidiaries expect combined output to climb to about 10.1 million vehicles in 2013, or 200,000 higher than previously forecast, said the people, who asked not to be identified because the plan hasn’t been made public. The new targets will be disclosed when the Toyota reports earnings Aug. 2, the people said.
The projections illustrate the recovery of a company that’s battled through a recall crisis, a strong yen and natural disasters for the past four years. Toyota’s full-year profit will probably jump 74 percent to a six-year high of 1.68 trillion yen ($17 billion) as the weaker yen bolsters the value of Japanese exports, according to analyst estimates compiled by Bloomberg.
The company will probably keep production above 10 million units in the coming years, said Masatoshi Nishimoto, a Tokyo-based analyst at IHS Automotive. Volkswagen AG will probably reach the milestone in a couple of years, he said.
Shares of Toyota, which reports earnings on Aug. 2, rose 0.2 percent to 6,080 yen at the midday break in Tokyo, compared with the 0.3 percent decline by the benchmark Topix Index. The stock has gained 52 percent this year.
Toyota’s production rose 26 percent to 9.91 million units last year.
The Nikkei newspaper earlier reported on the company’s plans to raise its output projections. The company is reviewing its production and sales targets, said Kayo Doi, a Tokyo-based spokeswoman.