Toyota to strengthen focus on emerging markets

Toyota’s global business plan called “Toyota Global Vision” includes a major push toward emerging markets and will focus on developing vehicles to meet local needs. The international company policy is being lead by Toyota Motor Corp. President Akio Toyoda, who indicated that the company is aiming to achieve 50% of global sales from emerging markets by 2015. Key areas for Toyota are India and China. Toyota has invested Rs 3,200 crore (US$710.3 million) to build a second manufacturing plant in India to produce its mid-sized Etios, though which it hopes to capture 10% of the Indian car market by 2015. Its emerging market philosophy includes expanding production capacity, and analyzing each region to identify demand, timing and geographical positioning to determine the required investments in each area. Environmentally friendly, fuel efficient, multipurpose vehicles and subcompact models will also be part of the strategy targeted at emerging markets. Specifically the company will expand its line of hybrid vehicles, electric and fuel cell vehicles. Toyoda said, “The areas in which we will work actively toward 2015 are eco-friendly cars and emerging nations.” The Lexus brand will be targeted globally as Toyota’s premium brand, including for emerging markets. (March 9, 2011)