Two unidentified sources familiar with Toyota Motor Corp.’s 10-year plan (which will be released on March 9, 2011) say that the carmaker will outline a strategy for growth in emerging markets.
The two sources said the carmaker intends to cut two vice-chairman positions and shrink its board to 17 or fewer members from 27 as part of the biggest management upheaval in eight years.
President Akio Toyoda will unveil the company’s "Global Vision 2020" plan to help increase sales after record recalls contributed to the world's largest carmaker becoming the only major automaker to post declining deliveries in the United States in 2010.
As part of Toyota’s focus on emerging markets, it added the Etios compact 2010 to its Indian lineup last December. The Etios will also be modified for sale in Thailand, China and Brazil. Toyota said that, excluding exports, it relies on North America for about 60 percent of its operating profit.
Executive Vice President Yukitoshi Funo refers to the Etios as the “21st Century Corolla,” citing the company’s bestselling compact model. Satoru Takada, an analyst at TIW Inc. in Tokyo, said the carmaker has introduced new models for emerging markets and that should be a big part of their mid-term strategy.
He added that the old strategy of taking a hit model from the U.S. or Japan to emerging markets could soon change. [via bloomberg]