Toyota Motor Corp (7203.T) has decided to raise its global production target for this year by about 300,000 vehicles to nearly 9 million due to stronger-than-expected demand, the Nikkei reported.
The Japanese automaker originally planned to make a record 8.65 million vehicles under the Toyota and Lexus brands in 2012, up 24 percent from 2011. The revised plan calls for a roughly 30 percent increase this year, the business daily said.
The decision was prompted by stronger-than-expected sales in the key Japanese and U.S. markets during the first half of 2012, the Nikkei said. Overseas sales are expected to top estimates in the second half as well, the daily added.
Government subsidies helped the sales of fuel-efficient vehicles in Japan, driving orders for models such as the new Aqua hybrid, the paper said.
Vehicle sales in Japan jumped 83 percent in the first half of the year to 920,000 units, the Nikkei said.
Overseas, sales of hybrids increased on higher oil prices, the daily said.
Toyota will also raise its production target for 2013 to about 9.1 million units from 8.98 million at present, the Nikkei said. The increase will come mainly from the emerging markets, especially Brazil and Indonesia, the paper said.
(Reporting by Prateek Kumar in Bangalore; Editing by Sreejiraj Eluvangal)