TOKYO (Reuters) - Toyota Motor Corp (7203.T) plans to make a record 8.79 million vehicles under the Toyota and Lexus brands in 2013 and 9.5 million in 2014, a member of the Toyota labor union federation said on Wednesday.
The Japanese automaker also plans to produce 3.02 million vehicles in Japan in 2013 and 3.0 million vehicles in 2014, sticking to its pledge to continue making at least 3 million cars at home, said a member of the Federation of All Toyota Workers’ Union who spoke on condition of anonymity.
Toyota presented the figures to labor unions during pay negotiations, he said.
Toyota could not be immediately reached for comment.
The ramp up in production comes in the midst of a shift in Toyota’s capital expenditure plan.
The automaker, which expanded too fast to meet booming demand and then tripped when the financial crisis and the yen’s rise hit, has said it will not build new factories over the next three years except for ones it has already announced investments in, despite a weaker yen boosting its profits.
Instead, it will increase production by fully utilizing and operating existing plants, Senior Managing Officer Takahiko Ijichi told reporters.
It made a record 8.74 million vehicles globally under the Toyota and Lexus brands. For the entire Toyota group, which includes Daihatsu Motor Co 7262.T and Hino Motors (7205.T), production was 9.91 million vehicles.
Reporting by Yoko Kubota; Editing by Dominic Lau and Louise Heavens