Tuesday, 8th March 2011
In Business In Japan,
Toyota to look at emerging markets
Japan-based Toyota is planning to look at emerging markets to encourage growth over the next decade.
The car maker believes that focusing on the new regions will help to ensure long-term profits and help the company expand following a number of high-profile safety recall incidents.
Setting out its strategy for the next ten years, Toyota also confirmed that it is to reduce the size of its board and increase focus on eco-friendly hybrid models.
"As the recall problem has settled down, there's hope that Toyota will turn around and get on the offensive, but I'm not optimistic," Koji Endo, a Tokyo-based auto analyst at Advanced Research Japan told Bloomberg.
He added: "Toyota has been trying to return to a less aggressive way of doing things after being so fixated on profit."
Forecasts show the company is set to earn 490 billion yen (£3.6 billion) equivalent in net income in the year ending March 31st - significantly below the 1.7 million yen earned in 2007.
Standard & Poor's lowered its long-term ratings on Toyota to AA minus from AA over concerns about the company's profitability.
Written by Susan Ballion.
Related news stories:
Applications for Tokyo Marathon 'up 68%' (25th September 2008)
Toyota enjoys strong global sales to remain largest auto maker (30th October 2012)
Toyota to enter Japan's small car market (29th September 2010)
Toyota comes under further recall criticism (21st May 2010)
Toyota shareholders sue troubled firm (22nd March 2010)