Toyota making 8 new models for emerging markets

Updated 26 May 2012
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Toyota making 8 new models for emerging markets

TOKYO: Toyota said yesterday it will roll out a number of new compact cars priced around $12,500 in developing nations, targeting sales of more than one million of the models annually in emerging markets by 2015.
Japan's biggest automaker said it would make eight new cars at plants in Thailand, Indonesia, India and Brazil, priced at "about 1.0 million yen ($12,500) or more."
"We don't sell cars priced at 500,000 yen," Toyota executive Vice-President Yukitoshi Funo told reporters at its Tokyo headquarters.
While the new models are squarely aimed at emerging nations, including China, Indonesia and Brazil, "if customers in the United States or Europe like them, I will flexibly think about (selling them there)," Funo added.
In 2010, the firm launched its Etios compact to the Indian market with a base price of about $10,000, still far higher than domestic rivals such as Tata Motors, whose Nano sells for as little as $2,900.
Total sales of Etios have surpassed 100,000 vehicles in India since its debut, the company said yesterday.
Etios is part of a broader plan to see half of Toyota's worldwide vehicle sales come from emerging markets, up from 45 percent in 2011, as global automakers rush to emerging nations amid stuttering sales in their developed markets.
The automaker, which includes the brands Toyota, Lexus, Daihatsu and Hino sold 7.35 million vehicles globally in the year to March.
Funo offered few details about the new Toyota models, but said they will have an "excitement" factor.
"Cars need to have a factor of excitement — when a father buys a car, he must draw respect from his family who should say 'Daddy, well done,' and the family should enjoy going on a picnic on a weekend in that car," he said.
Separately, Funo said the market in Myanmar was "too small" at the moment, but added that Toyota was keeping its eye on the nation as it adopts a string of democratic reforms, and swings opens its doors to business.
"We would like to observe the pace of growth in the market in a country with a positive outlook," he added.
Toyota regained its position as the world's number one automaker in the first quarter, stealing back the lead from US giant General Motors, according to manufacturers' figures.
FROM: AGENCE FRANCE PRESSE


Kobe Steel posts first profit in three years despite data fraud scandal

Updated 27 April 2018
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Kobe Steel posts first profit in three years despite data fraud scandal

TOKYO: Kobe Steel, Japan’s third-biggest steelmaker, on Friday posted its first annual profit in three years, even after admitting to falsifying quality data, a scandal that affected hundreds of customers and hit Japan’s manufacturing prowess.
Kobe Steel reported profit of ¥63.19 billion for the year ended March 31, against a loss of ¥23.05 billion a year earlier.
The result was above its own forecast of ¥45 billion and an estimate of ¥49.56 billion among seven analysts surveyed by Thomson Reuters.
The company predicted a ¥45 billion profit for the year to March 2019, compared with a mean profit forecast of ¥44.62 billion from six analysts.
Kobe Steel, which supplies steel and aluminum parts to manufacturers of cars, planes and trains around the world, admitted to supplying products with falsified specifications to more than 600 customers and admitted the data fraud has been going on for nearly five decades.