Toyota to boost production by 20 percent

Toyota is set to lose its position as the world’s biggest carmaker to General Motors due to loss of production. Toyota has said it plans to increase production by 20 percent next year as it is trying to recover lost ground due to the March earthquake in Japan and the recent floods in Thailand.

The company aims to produce 8.48 million vehicles in 2012, and increase sales by a quarter to 8.65 million. Earlier this month, the carmaker halved its profit forecast for this year. It now expects a net profit of 180b yen ($2.3b £1.5b) for the year ending March 31, 2012, compared with its previous forecast of 390b made in August. (BBC)