Toyota Motor says it expects a record operating profit of 3 trillion yen, or about 22 billion dollars, in the current fiscal year through March.

The Japanese automaker projects its group operating income to jump by 10 percent and net profit to rise by 5 percent in fiscal 2023 from the previous year.

Toyota says the expected easing of the global semiconductor shortage will unshackle its group output capacity. It plans to produce nearly 11.4 million new vehicles during the year, which would be a record.

"The markets in Asia and emerging countries are expected to grow more than 30 percent by 2030," Toyota Motor president Sato Koji said at a press conference on Wednesday. "We will strengthen our earnings base by focusing on hybrid electric vehicles."

Toyota also announced group-wide earnings for fiscal 2022. Sales hit a record for a second straight year, rising to over 37 trillion yen, or about 275 billion dollars. That's up 18 percent. A weaker yen and strong global sales were the main driving forces.

But net profit was down 14 percent. It was the first decline in 4 years. Soaring raw material costs and fees to support business partners weighed on the figure.