05:27 AM EST, 11/12/2024 (MT Newswires) -- (Updates to add response from Toyota ( TM ) in last paragraph.)

Toyota Motor ( TM ) plans to make at least 2.5 million cars per year in China by 2030, up from the 1.84 million cars it made in the country in 2022, Reuters reported Saturday, citing unnamed sources.

The changes are part of a restructuring that will bring China sales and production closer together and give China-based executives more autonomy, according to the report.

"With the intense competition in the Chinese market, we are constantly considering various initiatives," the company said in a statement to Reuters.

In comments to MT Newswires, a Toyota ( TM ) spokesperson said the Reuters report "is not something we have announced."

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