Why Toyota's Optimism Bodes Well for the Automotive Sector

Ever-escalating sticker prices, rising interest rates, and supply shortages cast a pall over the auto industry in 2022, when new vehicle sales in the U.S. were the lowest since 2011. This might be why Toyota Motor (NYSE: TM) plans to build as many as 10.6 million vehicles worldwide in fiscal year 2023 (starting on April 1), an increase of 1.4 million units from fiscal year 2022. The announced production figures apply to the company's Toyota and Lexus brands, and not its Daihatsu minicar or Hino truck making subsidiaries.