Japanese carmaker Toyota Motor (TMC) is planning to launch eight compact cars for the emerging market by 2015, further aiming to sell one million vehicles in over 100 countries during the period.
The carmaker, which lost its position as world's top automaker in 2011, is planning to reduce its dependency on North American, European and Japanese markets, while planning to concentrate on emerging markets including China, India and Brazil.
Toyota has targeted to sell half of its vehicles in emerging markets by 2015, which has increased from nearly 45% in 2011 and 18.6% in 2000.
Toyota executive vice president Yukitoshi Funo said in emerging markets, there are four or five automakers vying to take the lead in sales volumes.
"Particularly in the Southeast Asian region, Volkswagen and others are looking to challenge our lead so we can't be resting on our laurels," Funo said.
According to the carmaker, the new launched cars will be priced nearly JPY1m ($12,600), and will be manufactured in local markets including India, Brazil and China.
Toyota said that its production capacity in emerging markets will increase to 3.1 million vehicles per year by 2013, from the earlier 2.38 million in 2010.
