Toyota Eyes Emerging Markets for Growth
The lure of China, India, and Brazil, and the prospect for new growth, are firmly on the map for the world's second largest automaker. According to a recent report in Automotive News, Toyota is looking to emerging markets to help spur future growth. The automaker is planning to create eight new compact models by 2015 in a bid to catch up to Volkswagen, GM, and Hyundai, the current leaders in that market. Toyota's growth in emerging markets has been dramatic; in 2000, only 18.6 percent of Toyota vehicle sales could be chalked up to the segment. Last year, that figure was upped to 45 percent, and the Japanese automaker hopes to make emerging markets count for half of all vehicle sales by 2015. Executive vice president of Toyota, Yukitoshi Funo said "In emerging markets, there are four or five automakers vying to take the lead in sales volume. Particularly in the Southeast Asian region, Volkswagen and others are looking to challenge our lead, so we can't be resting on our laurels." In 2010 Toyota launched the Etios in India, which is priced at about $9000. Funo denies reports that Toyota would look to produce a cheaper car, indicating that Toyota subsidiary Daihatsu has more expertise in that field. Will Toytoas be getting smaller and cheaper in the U.S.? Don't hold your breath: The Scion iQ is about as small as we'll see. And that's fine with us. Source: Automotive News
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