Toyota plans to produce more than 10 million vehicles this year image

Toyota Motor Corp. the largest carmaker in the world plans to build more than 10 million vehicles this year boosted by a weaker yen and strong demand for hybrids in Japan, Bloomberg news reports, citing two people familiar with the matter.

The global production plan is expected to be announced on Friday after Toyota reports earnings.
The Japanese automaker and its affiliates are expected to have a combined output of 10.1 million vehicles in 2013, about 200,000 higher than previously forecast. Toyota’s production rose 26 percent to 9.91 million units last year.

Toyota sold just under 10 million vehicles last year to win back its crown as the world’s No.1 carmaker, after falling behind General Motors and Volkswagen in 2011.

The announcement comes after General Motors, the largest carmaker in the United States came in just under its global rival at 4.85 million vehicles sold, and managed to top Toyota in quarterly sales for the first time in over a year. Part of the reason is that domestic automakers are surging in the U.S. market, whereas Toyota’s sales declined 8.4% in its home market Japan – and that looks to continue.

Volkswagen, which has vowed to overtake both Toyota and GM to become the world’s best-selling automaker, finished in third place with 4.7 million global deliveries during the period.

GM was the top-selling automaker for seven decades before losing that title to the Japanese automaker in 2008.