Toyota to increase annual output by 3%

According to Japanese newspaper Yomiuri, Toyota Motor Corp plans to raise its global output target by 3 percent to 6.5 million units for the fiscal year ending March 2010.

The paper said that Toyota’s inventory adjustment efforts have ran their course and sales are picking up due to various government incentives for new car shoppers. Hit hard by the global economic downturn, governments from Tokyo to Berlin to the United States have offered subsidies and tax incentives to encourage consumers to buy new fuel-efficient vehicles.

Toyota officials were not available for comment on the report.

– By: Omar Rana

Source: Reuters