Toyota eyes 15% of global market share

Toyota eyes 15% of global market share

Reuters, Tokyo

Toyota Motor Corp, the world's third-biggest automaker, said on Monday it was aiming to capture around 15 percent of the global vehicle market by the early 2010s, compared with about 10 percent now.

The target was announced as part of Toyota's "2010 Global Vision", a wide-ranging outline of the automaker's long-term direction. The outline also includes sales for its minivehicle unit, Daihatsu Motor Co, and truck unit Hino Motors Ltd.

The last time Toyota announced a long-term vision was its "2005 Vision" set in 1996.

Changes in global political, economic, social and next- generation technological trends had meant it was time to set a new direction and carry out concrete reforms, the automaker said in a press release on the first day of the new business year.

Although short on specifics, Toyota also said it planned to shift to a profit structure supported by three bases: Japan, North America and Europe. Currently, North America and Japan account for the bulk of its earnings.

The auto giant also noted that motorization was advancing in China and other emerging markets.

In Japan, Toyota said it would strengthen its sales structure and enhance competitiveness in domestic production.

Toyota added it would "boldly take a worldwide review of existing corporate structures, frameworks and methods," and is considering the formation of a global headquarters to perform global management functions.

It also said it would "select and concentrate on business areas and technology fields and alliances (including mergers and acquisitions)" to reform structures.

Toyota's shares were up 1.64 percent at 3,710 yen in afternoon trade compared with a 0.21 percent rise in the benchmark Nikkei average.