Toyota’s new chief executive has promised to accelerate its electric vehicle push in China as it forecast a 10 per cent increase in annual operating profit to ￥3tn ($22bn), the highest for a Japanese company. The world’s largest carmaker signalled it would go back on the offensive, as it aims to sell a record number of vehicles this year on the back of an easing chip crunch.

Koji Sato, who took over as Toyota’s chief earlier this month, is tasked with maintaining its lead in an industry that is rapidly shifting to electric vehicles and navigating geopolitical risks posed by the US-China dispute.

For the fiscal year to March 2024, the group, which also owns the Daihatsu and Isuzu brands, would aim to sell a record 11.4mn units, compared with 10.6mn in the previous year, it said on Wednesday.