TOKYO, Jan. 11 (UPI) -- Japanese automaker Toyota said Saturday it plans to produce some 10 million cars worldwide in 2014 despite a domestic tax hike expected to hurt business.
Of the 10 million vehicles, about 3.1 million will be made in Japan, where the nation's consumption tax is set to rise from 5 percent to 8 percent in April. That 3.1 million figure is nearly unchanged from the company's 2013 domestic output.
The Asahi Shimbun said a reduction in the nation's automobile acquisition tax and an improving economy will help offset some of the consumption tax increase's effect.
In all, the company's production output is expected to go down by about 10,000 vehicles as a result of the tax increase.