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


US unveils new veto threat against WTO rulings

Updated 23 June 2018
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US unveils new veto threat against WTO rulings

  • US tells WTO appeals rulings in trade disputes could be vetoed if they took longer than the allowed 90 days
  • Trump, who has railed against the WTO judges in the past, threatens to levy a 20 percent import tax on European Union cars

GENEVA: The United States ramped up its challenge to the global trading system on Friday, telling the World Trade Organization that appeals rulings in trade disputes could be vetoed if they took longer than the allowed 90 days.
The statement by US Ambassador Dennis Shea threatened to erode a key element of trade enforcement at the 23-year-old WTO: binding dispute settlement, which is widely seen as a major bulwark against protectionism.
It came as US President Donald Trump, who has railed against the WTO judges in the past, threatened to levy a 20 percent import tax on European Union cars, the latest in an unprecedented campaign of threats and tariffs to punish US trading partners.
Shea told the WTO’s dispute settlement body that rulings by the WTO’s Appellate Body, effectively the supreme court of world trade, were invalid if they took too long. Rulings would no longer be governed by “reverse consensus,” whereby they are blocked only if all WTO members oppose them.
“The consequence of the Appellate Body choosing to breach (WTO dispute) rules and issue a report after the 90-day deadline would be that this report no longer qualifies as an Appellate Body report for purposes of the exceptional negative consensus adoption procedure,” Shea said, according to a copy of his remarks provided to Reuters.
An official who attended the meeting said other WTO members agreed that the Appellate Body should stick to the rules, but none supported Shea’s view that late rulings could be vetoed, and many expressed concern about his remarks.
Rulings are routinely late because, the WTO says, disputes are abundant and complex. Things have slowed further because Trump is blocking new judicial appointments, increasing the remaining judges’ already bulging workload.
At Friday’s meeting the United States maintained its opposition to the appointment of judges, effectively signalling a veto of one judge hoping for reappointment to the seven-seat bench in September.
Without him, the Appellate Body will only have three judges, the minimum required for every dispute, putting the system at severe risk of breakdown if any of the three judges cannot work on a case for legal or other reasons.
“Left unaddressed, these challenges can cripple, paralyze, or even extinguish the system,” chief judge Ujal Singh Bhatia said.
Sixty-six WTO member states are backing a petition that asks the United States to allow appointments to go ahead. On Friday, US ally Japan endorsed the petition for the first time, meaning that all the major users of the dispute system were united in opposition to Trump.