Toyota is aiming to be the first automaker ever to hit the 10 million sales mark by 2015 – which would be a 20% jump from 2010 – by focusing on China and other emerging markets.
That aggressive goal was outlined by President Akio Toyoda as he laid out the maker’s “Global Vision,” an expansive plan that will also result in a sharp cutback in senior management ranks, a move apparently aimed to give the executive – the grandson of Toyota’s founder – a firmer grip on the company.
The 54-year-old executive, who took control of Toyota in 2009, also said his goal is to push profits to 1 trillion yen — $12 billion at current exchange rates – “as soon as possible.”
To get there, Toyota plans to generate 15% of its sales from China. The maker was relatively late to enter what is now the world’s largest national car market, however, and is playing a game of catch-up with leaders Volkswagen and General Motors. It also has to overcome lingering Chinese resentment of Japan. Toyota also hopes to boost sales in other booming markets like India and Brazil.
“We will focus on emerging markets and environmental vehicles,” said Toyoda, a reference to the maker’s steadily expanding line-up of battery-powered vehicles.