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From Nikkei
Toyota Targets 10 Million
Vehicle Sales in 2010,
Set to Overtake GM

Nikkei Net Interactive
May 3, 2006

NAGOYA -- Toyota Motor Corp. plans to sell about 10.3 million vehicles in 2010 on a parent-only basis, up about 3 million units from 2005, with sales expected to roughly double in Asia and jump 35% in North America, The Nihon Keizai Shimbun learned Tuesday.

If realized, Toyota will replace U.S. giant General Motors Corp. as the world's largest automaker in terms of sales and become the first to sell 10 million vehicles a year. While more than 90% of the projected sales increase will come from overseas markets, the company forecasts 7% growth at home.

Japan's largest automaker seeks to sell 2.1 million cars in Asia, where its low-priced strategic IMV models have been rolled out. In China, it began manufacturing Camry sedans at a Guangzhou plant this month at an annual pace of about 100,000 units. Toyota will also start assembling the Vitz subcompact in 2008 at the same site, with the goal of boosting sales in China to 1 million units in 2010.

In North America, the automaker projects 35% growth to 3.3 million units, with demand expected to increase for such fuel-efficient cars as the Corolla. The introduction of hybrids, including the Camry version, is expected to help lift sales.

Toyota anticipates a 56% sales increase to 1.55 million units in Europe, with production of the Camry set to start at a new Russian plant at the end of 2007. It also projects higher sales in Australia and the Middle East.

The key to achieving the sales goals, especially those for the U.S. and Chinese markets, will likely hinge on whether Toyota can increase sales through local production rather than raising exports from Japan and taking the risk of drawing local opposition.

In 2005, the carmaker sold 7.27 million vehicles, up 8% on the year. Including group firms Daihatsu Motor Co. and Hino Motors Ltd., Toyota sold 8.1 million cars, closing in on the 9.17 million units sold by GM.

GM's sales are faring well in Asia. But the U.S. company is shutting some plants in North America because of slumping sales, making it difficult to maintain the levels it achieved in 2005.

Toyota may surpass GM as early as 2007 in terms of consolidated sales. On a parent-only basis, it will likely overtake GM even before 2010 if business grows as planned.

The automaker has been expanding production capacity worldwide. A plant in the U.S. state of Texas will go onstream in the second half of this year, followed by one in Canada in 2008. And it may build another factory in the region. It also intends to add a plant in Europe, where subcompact demand is growing, by around 2010.

In addition, it will increase output in such growing auto markets as Indonesia and Turkey from 2007-09.

Toyota has earmarked record-level capital outlays exceeding 1.4 trillion yen for the current fiscal year, and it plans to invest more than 1 trillion yen annually over the next two to three years.