Toyota Will Double Hybrid Output, Make Money Selling Them
Toyota plans to roughly double its global production of hybrid vehicles to 1 million units in 2011, The Nikkei writes. Toyota alerted parts suppliers that it intends to roll out about 800,000 hybrids domestically in 2010, around 900,000 in 2011 and roughly 1.1 million in 2012.
Toyota currently produces about 90 percent of its hybrids in Japan, the remainder in China and the U.S. and elsewhere are included.
Toyota plans to boost production of existing vehicles and launch new hybrid minivans, subcompacts and luxury cars.
In 2011, hybrids will likely account for about 30 percent of all automobiles that Toyota manufactures in Japan, up from the projected figure of about 20 percent for 2009.
But will they make money with the hybrids?
In a separate report, The Nikkei says that Toyota now sees hybrids as a core profit maker, after having brought down its production costs. A limited supply of batteries had hampered output. Toyota’s new battery joint venture with Panasonic is expected to be able to supply batteries for 1.1m vehicles a year by fall.