Toyota Motor Corp. expects to produce 11.3 million of its own brand vehicles by 2012, up about 30 percent from 2007 amid rapid growth in Russia, China and other emerging markets, a report said Wednesday.
Toyota forecasts that its annual output, excluding affiliates Daihatsu Motor Co. and Hino Motors Ltd., will continue to grow by 600,000 vehicles a year, the Nikkei business daily reported quoting an unnamed executive.
If the goal is met the automaker's global output will have doubled over 10 years from 5.63 million vehicles in 2002.
In 2007, Toyota produced 8.53 million of its own brand vehicles worldwide.
The Japanese giant has been expanding its operations overseas and looks set to continue to open new plants in emerging markets to meet brisk demand.
Toyota will boost production capacity for its Lexus luxury vehicles by about 35 percent in 2009 to 850,000 vehicles to meet demand in Russia, China and other emerging markets, the Nikkei reported.
The group plans to raise output of the Lexus built in Japan for export to compete with European luxury car makers in emerging countries, it said.
Toyota, which is widely expected to overtake General Motors this year as the world's top-selling automaker, is also hoping to compensate for slowing demand in North America due to the economic woes there, it added.
Toyota declined to confirm or deny the report.
"We are always considering what the most appropriate production is. But nothing concrete has been decided," company spokeswoman Kayo Doi said.
Toyota sold 518,000 Lexus vehicles globally in 2007, with demand rising in emerging countries.
The Lexus was launched in 1989 for the North American market. It was later expanded elsewhere and was introduced to Japan only in 2005.
Toyota owes its success in part to pioneering eco-friendly hybrid cars, which have proved a particular hit at a time of high prices at the pump.
