Toyota Motor Corp, Japan’s top automaker has announced its plans of introducing for the emerging markets 8 new compact car models by the year 2015. According to market experts the cars are being specially designed in an attempt to catch up with front runners such as Volkswagen AG and General Motors Co.
In order to reduce the dependency on the more mature North American, European and Japanese Markets, the car maker intends to shift its weight to the upcoming growing markets in countries such as China, India and Brazil, which are currently dominated by other automobile giants like Volkswagen, General Motors and Hyundai Motor Co.
Yukitoshi Funo, Toyota’s Executive Vice President said “There are four or five automakers in the emerging markets who seek to take the leading sales volumes, and particularly in the Southeast Asian market, Volkswagen and other car companies are trying to challenge our lead, so we cannot be resting on just our past achievements”.
The Corporation is targeting to sell half of its vehicles in the emergent markets by the year 2015, increasing its sales from the 18.6 percent in 2000 and the 45 percent last year.
As reports have it, the upcoming cars will be priced around 1 million yen or higher, and the production shall take place in the local car markets such as India, Brazil and China, with the aim of procuring 100 percent of cars’ components locally, as a step to lower costs.
Looking to match its production capacity in Japan to the emerging markets, Toyota hopes to increase its production to 3.1 million vehicles a year from that of 2.38 million in 2010.