Toyota Unveils ‘Global Vision’ to Regain Market Dominance

VOA Breaking News (Voice of America)
March 9, 2011 at 11:35 am

Japanese automaker Toyota says it is aiming to nearly double its profits “as soon as possible,” with half of future sales to come in emerging markets.

President Akio Toyoda unveiled the company’s long-term “Global Vision” during a news conference Wednesday in Tokyo. Toyoda said China is a prime target for the company, with 15 percent of future global sales to come in that market alone.

Emerging markets accounted for 40 percent of Toyota’s global sales in 2010.

Toyoda told reporters the company is also planning to introduce more environmentally friendly vehicles as part of its goal to sell 10 million vehicles annually by 2015.

Toyota surpassed U.S.-based General Motors as the world’s top-selling automaker in 2010, but has seen its profit margins erode due to the global economic recession and worldwide recalls of millions of vehicles.

Akio Toyoda says the automaker is aiming to boost its operating profit to $12 billion, compared to the $6.6 billion forecast for the current fiscal year, which ends March 31.

The company also plans to shrink its board of directors from the current number of 27 to 11 in order to speed up decision making.