Toyota Motor Corp. is all set to develop eight modified compact cars for emerging markets by 2015 in an effort to catch up to front-runners such as Volkswagen Group and General Motors Co. Last year, Toyota lost the top position as the world’s top automaker, and hence the company is keen to lessen its reliance on the mature North American, European and Japanese markets. In order to flourish its sales, Toyota wants to shift more of its weight to growth markets such as China, India and Brazil, where Volkswagen, GM and Hyundai Motor Co. hold top positions.

According to the company plans, they targets to sell half of its vehicles in emerging markets by 2015, which would be an increase from around 45 percent previous year and 18.6 percent in 2000. The eight compact cars Toyota aims to introduce include the Etios model, the cheapest car from the automaker which made its debut in India in 2010. The forthcoming car models that Toyota plans to produce in local markets like India, Brazil and China, would be priced $12,600 or more. The automaker expects their production capacity to increase to 3.1 million vehicles a year from 2.38 million in 2010.

“In emerging markets, there are four or five automakers vying to take the lead in sales volumes. Particularly in the Southeast Asian region, Volkswagen and others are looking to challenge our lead so we can’t be resting on our laurels,” said Yukitoshi Funo —Toyota Executive Vice President. However, he declined a report that the automaker is developing a car pricing 500,000 yen ($6,300), exclusively for Indian market. He also added that 500,000 yen segment doesn’t belong to their category.

“We want to beef up our presence in segments where we can be competitive. There are many other options for customers looking in that price range, including used cars,” he said.

via Autonews