Toyota sets 2023 output target at 10.6 million

Toyota Motor has announced a worldwide production target of 10.6 million vehicles for the year. But it says issues like the global semiconductor shortage and the coronavirus pandemic mean there is a chance it will fall short of the goal.

Japan's leading automaker released its 2023 production plan on Monday. It is meant to serve as a guideline for parts suppliers when making decisions about staffing and facility capacities.

The company says it has set a 10 percent downward range for production due to various factors and parts shortages. It says the situation this year "remains difficult to predict."

Toyota says it will work closely with suppliers to minimize production fluctuations and ensure stable supply for customers.