Toyota expects to produce 10.6 million vehicles in current fiscal year

Toyota Motor Corp (7203) said earlier on Monday it expected to manufacture 10.6 million vehicles during its current fiscal year.

Yet, the auto maker also said it saw a downside risk of nearly 10% on that baseline production volume as a result of risks such as chip supply shortages or the COVID-19 pandemic.

In December, the company reiterated a production forecast of 9.2 million vehicles for the current fiscal year, which runs from April 2022 through March 2023.

And a month ago, the car maker had revised down a prior production forecast of 9.7 million vehicles for the current fiscal year due to rising material costs and continuing shortage of semiconductors.

The shares of Toyota Motor Corp closed 0.11% (JPY 2.0) higher at JPY 1,817.5 in Tokyo on Monday, with the auto maker’s total market cap now standing at JPY 24.88 trillion.

The shares of Toyota Motor Corp went down 13.91% in 2022, compared with a 9.37% loss for the benchmark index, Nikkei 225 (N225).