17 April 2014, Thursday
Today's Zaman

Toyota looks to growth in emerging markets

25 May 2012, Friday /AP
Toyota is looking to emerging markets for growth, targeting 50 percent of its global vehicle sales in such countries by 2015, and rolling out eight compact models over the next few years.

But Toyota Motor Corp. Executive Vice President Yukitoshi Funo said Friday the company won't even try to compete in super cheap models that are plentiful in developing nations.

He told reporters Asia is a "second motherland" for Toyota, where it will boost research and development as well as production of auto parts. Toyota Motor Corp. already sells more than 3 million vehicles a year in emerging markets, making up 45 percent of its global sales of 7.1 million vehicles. Japan's top automaker is aiming to add another million vehicles in annual sales from emerging markets with eight models, starting with the Etios sedan that went on sale in India in 2010. On Friday, Toyota said it had reached a "milestone" of 100,000 cumulative sales of Etios cars, which are all made in India. Toyota built its reputation with fuel-efficient small cars. And the demand for affordable compacts could prove a boon for Toyota. The compacts in the works will be smaller than the Corolla, and likely sell for about 1 million yen ($12,000). Toyota said it won't try to compete with models going for half that price.

BUSINESS  Other Titles
Central bank head denies reports that he resigned
Turkey signs FTA with Malaysia, looks to boost trade volume
Tough year ahead for Turkish banks, Fitch says
Competition Authority investigation of THY to resume soon
Cut off from the world, Gazans consumed by poverty
Galatasaray to pay $35 mln in tax penalty
EU agrees to Putin's call for gas security talks
Twitter: No current deal to open office in Turkey
Ankara says Russia's South Stream pipeline could run to Turkey
Turkish central bank meeting eyed for signs of political meddling
Turkish cement firms eye assets after Holcim-Lafarge merger
CHP raises issue of irregularity in loans for Sabah-ATV sale
TUSKON key in trade with Turkey, top Russian group says
Number of job seekers hits 10-year high
Gül attends event of group labeled ‘traitors' by Erdoğan
'Banning social media disaster for any government's global image'
Pakistan publishes list to embarrass tax cheats into paying up
Turkish schools help to enhance trade relations with Africa
Unemployment rate sees decrease year-on-year in Jan
Pegasus Airlines to start flights to Bahrain