Toyota Motor Co., the world’s largest automaker, is looking to expand its presence in Latin America where it has underperformed key competitors such as General Motors, Volkswagen and Nissan, a new member of the automaker’s board of directors said.
Mark Hogan, former president of Magna International and former General Motors executive, who on June 1 became the first American to serve on Toyota’s board of directors, told reporters that Toyota needs to expand its footprint in booming, Latin American markets such as Brazil and Mexico.
“Toyota is an extremely strong brand in Brazil but it under-performs in the market,” Hogan told reporters during a Toyota press event organized to review the company’s hybrid technology. “We only have about 5% market share. It should be higher,” he said.
“Brazil is a very important market for Toyota,” added Hogan who ran GM do Brasil for several years. One of his key assignments as a new board member will be to help Toyota expand its foothold in Latin America.