The Toyota Motor Corp. (NYSE: TM) wants to make itself king of the hill once more and reclaim the No. 1 global sales position from the General Motors Co. (NYSE: GM) by adding eight compact cars for emerging markets, Reuters said Friday.
Toyota City, Japan-based Toyota hopes to sell one-half of its cars in emerging markets by 2015, up from 45 percent last year, Reuters reported.
Particularly in the Southeast Asia region, Volkswagen and others are looking to challenge our lead, so we can't be resting on our laurels, Toyota Executive Vice President Yukitoshi Funo said, according to Reuters.
The eight cars, including the already launched Etios model, will sell for about 1 million yen ($12,600).
The company won't try to enter the ultracheap, 500,000 yen car market because Cars are symbols of family pride. They're for driving to a picnic on a day off, Funo said, according to Businessweek.
Toyota shares closed down 40 cents to $76.80 Friday.