Toyota has unveiled an ambitious target of nearly doubling its profits in the next four years.
The world’s largest car maker plans to do that by sharply increasing sales in emerging markets and launching new hybrid models.
After its once-impeccable quality reputation suffered from recalls of 20 million vehicles, Toyota has moved to speed up decision making by streamlining its board of directors and eliminating one layer of management.
Outlining his ‘Global Vision’ plan Toyota President Akio Toyoda said: “Because numbers tend to take on a life of their own, I try not to make predictions, but we expect the total global sales for Toyota and Lexus combined will be nine million cars in 2015.”
Toyota is betting heavily on hybrids, where it dominates the market, and will launch about 10 more hybrid models by 2015.
It is also planning more efficient manufacturing technologies and further cost cuts as it tries to become as profitable as Japan’s second biggest carmaker Nissan and third-ranked Honda.