NAGOYA (Kyodo) Toyota Motor Corp. has raised its parent-only global production target for 2009 to 5.95 million units, up 150,000 units from its initial forecast in May amid signs of recovery in auto sales due to worldwide stimulus measures, sources said Wednesday.
The automaker has received robust orders for its new Prius and Lexus hybrids thanks to recent government tax breaks and subsidies introduced in Japan for fuel-efficient cars.
In addition to reduction in inventories due to heavy production cuts, auto demand has also been picking up elsewhere due to other support measures worldwide, including the Cash for Clunkers incentive program introduced in the United States and similar programs in Europe.
Toyota has already notified its key auto parts suppliers of the revised target in view of the number of car orders it has received recently, the sources said.
In 2008, Toyota produced 8.21 million units globally.