Toyota targets Asian market

Toyota targets Asian market

NAGOYA (Nikkei): Toyota Motor Corp. will develop multipurpose sports utility/car-type vehicles exclusively designed for Asian and Latin American markets, and will start producing them in more than 10 countries in these regions in 2004, the Nihon Kezai Shimbun reported in its Tuesday morning edition, citing company sources.

Japan's top automaker plans to sell 500,000-600,000 such vehicles a year, in a bid to boost its shares in markets where it has been comparatively weak.

The cars, which Toyota calls "innovated international multipurpose vehicles," will be built using a common production method and will share engines and other major components.

Each region will also focus on producing specific components to cut costs as much as possible. Local vehicle prices will be equivalent to between 700,000 yen and 1.5 million yen.

The company plans to produce and market the vehicles in Thailand, Indonesia and other Association of Southeast Asian Nations member states as well as in Brazil, South Africa and Turkey.