Japan's Toyota group aims to sell 10.4 mln vehicles globally in 2009 - UPDATE2 |
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Fri, 31 Aug 2007 11:16
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TOKYO (Thomson Financial) - Japanese automaker Toyota Motor Corp said Friday it plans to sell 10.4 million vehicles globally in 2009, up 18.2 percent from 2006, by capitalizing on growing demand in China and other emerging economies.Toyota also said it aims to sell 9.34 million vehicles in 2007 and 9.8 million in 2008.The sales targets include sales by subsidiaries Hino Motors Ltd, which makes trucks, and Daihatsu Motor Co, a maker of mini cars with engine displacement of 660 cc or less.The Toyota group sold 8.8 million vehicles in 2006, just below the global sales of 9.1 million of General Motors Corp of the US.If Toyota hits its 2009 sales target, it will become the world's first automaker to sell more than 10 million vehicles in a single year, according to analysts. GM sold a record 9.55 million vehicles in 1978.Toyota replaced GM as the world's largest automaker in the first half of 2007.Toyota said it plans to meet its 2009 target by focusing on overseas markets.The company aims to sell 1.90 million vehicles in Asia, 60 percent more than its record Asian sales in 2006.The company aims to boost sales in Europe by nearly 24 percent to 1.45 million vehicles and sales in North America by 8.8 percent to 3.1 million.Toyota targets a 26 percent rise in sales in other offshore markets to 1.55 million vehicles.In Japan, it forecasts 1.3 percent growth in sales to 2.4 million vehicles.Toyota aims to more than double annual sales in China to 1.0 million vehicles soon after 2010, from the 430,000 units it expects to sell in 2007.With demand for environment-friendly vehicles growing amid rising gasoline prices, the company plans to sell 1.0 million hybrid cars globally soon after 2010, up from 300,000 in 2006.Toyota president Katsuaki Watanabe told a press conference that he wants to boost the company's dividend payout ratio to 30 percent by the fiscal year to March 2011 from 23.4 percent in the year ended March 2006.To maximize shareholder returns, Toyota has also set aside some 250 billion yen to buy back shares in the current fiscal year, more than the 199.9 billion yen it spent last year, he said.Commenting on the outlook beyond 2009, Watanabe said car ownership worldwide 'will definitely continue to increase, with growth centering on the BRICs.' He was referring to the four key emerging economies of Brazil, Russia, India and China.He cited some estimates that the world car market may reach one billion units in 2010, up from an estimated 850 million units in 2005.'We cannot release our internal sales targets for 2010 and thereafter but I hope our volume would expand with global demand growth,' Watanabe said.To improve competitiveness globally, Toyota aims to introduce a specially-designed low-price model for India and Brazil.'We are continuing efforts to develop a new product targeting these markets where small vehicles are especially in demand,' he said.He said product development in this regard is geared towards achieving the markets' needs on price, Toyota quality and profitability.He said in China, Toyota plans to expand its production capacity and broaden its product portfolio but did not elaborate.In Russia, the Japanese auto giant will expand its sales network to boost market share while keeping profitability high Watanabe said.Watanable also denied speculations that Toyota plans to merge its truckmaking arm Hino with Isuzu Motors Ltd, Japan's largest truckmaker.Toyota bought a 5.9 percent stake in Isuzu last year.'I don't deny the possibility completely. But at this point, we have not studied such a plan,' Watanabe said.(1 US dollar=116.29 yen)yumiko.nishitani@thomson.comyn/zryun/zrCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Japan's Toyota group aims to sell 10.4 mln vehicles globally in 2009 