Japanese Carmakers Set Production Record

Japan's Big Eight carmakers produced 25.3 million vehicles worldwide last year, their second annual record high volume, The Nikkei reports.

The gains came from a 7% increase in volume manufacturing operations overseas. The companies Daihatsu, Fuji Heavy Industries (Subaru), Honda, Mazda, Mitsubishi, Nissan, Suzuki and Toyota built only 9.1 million vehicles in Japan in 2013, down nearly 4% from 2012.

Analysts expect further shrinkage in demand this spring when the country's general sales tax rises to 8% from 5% today. The Japan Automobile Manufacturers Assn. predicts the market will shrink 10% to 4.9 million units in 2014.