TOKYO: Japanese automaking titan Toyota Motor is steering towards the lucrative markets of China and India and other fast growing regions as it seeks to fulfil a worldwide sales target of 10.4 million vehicles by 2009.
Declares ceo Katsuaki Watanabe: "New markets outside Japan, the US and Europe are the key to future success."
Toyota aims to be the first vehicle manufacturer to smash the 10m annual sales barrier. Its ambitions represent an 11% increase in estimated global sales of 9.34m this year and a rise of 6% from around 9.8m in 2008.
The company is one of the fastest-growing brands in China. It expects sales to climb 43% this year to 430,000 vehicles and plans to sell more than one million vehicles there by 2010.
In addition, Toyota has a 4% share of the Indian market and aims to quadruple sales to 200,000 vehicles by 2010.
Data sourced from Wall Street Journal Online; additional content by WARC staff