TOKYO — Japanese auto titan Toyota Motor Corp. will soon throw open the factory taps to deliver all-time high production output, record global sales and a best-ever operating profit level.
The forecast puts the world’s biggest automaker on the path to brisk expansion after a year in which production plans were dented by lingering pandemic woes and semiconductor shortages.
Ramping up supply should help alleviate tight inventories in key markets such as the U.S. and create a robust profit structure to fund Toyota’s future investment in electric vehicles.
Toyota’s outlook, outlined Wednesday as CEO Koji Sato announced quarterly financial results, underscores its financial strength even as it races to play catch-up on EVs and cope with an influx of aggressive new rivals from the likes of Silicon Valley and China.