Guangzhou Toyota Motor Co Ltd plans to raise its sales target by 17 percent next year as it launches new models and on an expanded output capacity.

 

The second Chinese joint venture of Toyota Motor Corp aims to sell 210,000 vehicles next year, including 175,000 units of Camry premier sedan and 35,000 Yaris hatchback which is scheduled to sell domestically in the middle of next year, the company said yesterday.

 

Guangzhou Toyota has pinned high hopes on the Yaris, one of the Japanese car maker's global models, to tap the nation's fast growing economy car segment amid rising demand for fuel-efficient models.

 

"The competition in the premier class segment will be more intense next year," said Yuan Zhongrong, executive vice president of Guangzhou Toyota.

 

"The launch of Yaris meets local demand and will be key to fulfill our target."

 

Guangzhou Toyota raised its sales target twice to 170,000 units this year fueled by high demand for the Camry sedan as its only model in the mid-to-high segment. Sales of Camry totaled 153,000 units for the first 11 months.

 

Honda will start selling its new Accord tomorrow, and sales of the car are expected at 185,000 units next year.

 

Toyota's Camry beat Honda's Accord to be the best selling model this year, with monthly sales recorded at 14,000 units.

 

In order to ease production bottleneck, Guangzhou Toyota started construction of its second plant in the middle of this year, boosting its total capacity to 500,000 units in China.

 

By the end of next year, Guangzhou Toyota also plans to expand its dealership network from 146 stores to 180, which will also sell 4,000 FJ Cruiser sport utility vehicles.

 

Toyota, which may beat General Motors Corp as the biggest car maker globally, has added capacity and hastened the launch of new models to boost sales and grab a bigger market share. It aims to take a 10-percent market share on China's mainland by 2010 against five percent share last year.

 

Toyota also partnered First Automotive Works Group in the FAW Toyota venture in Tianjin, north China.

 

The venture, which just inaugurated its third plant in May with a capacity of 200,000 units, boosts its total output to 420,000 units in China.

 

FAW Toyota makes the Crown, Vios, Corolla and Reiz sedans.

 

(Shanghai Daily December 26, 2007)