TOKYO -- Toyota Motor Corp. plans to boost capital spending by more than 10 percent during this business year due to rapid growth in overseas sales, the Nihon Keizai newspaper reported Friday.
The financial daily said that Toyota would spend a record $10.24 billion on a consolidated basis, up from an initially planned $9.29 billion.
A Toyota spokesman said he could not comment on the report until Nov. 1, when the company will release its first-half earnings report as well as capital investment plans.
The paper said it would be the first time in six years for Toyota to invest more than 1 trillion yen ($9.29 billion) in capital projects. It would also be twice the amount planned by Nissan Motor Co. Ltd., Japan's second-biggest automaker.
More than half of the spending would be used to increase production capacity in domestic plants to keep up with rapid growth in global sales, which are expected to reach 7.2 million units this year after rising about 10 percent since 2001/02, the paper said.
Toyota will expand assembly lines at its two domestic plants and will use $279 million to increase production of key components including automatic transmissions at its plant in Hokkaido, northern Japan, the paper added.
Including group companies such as parts supplier Denso Corp., capital investment will top $15.80 billion, it said.