Toyota to introduce 8 compact cars for emerging markets 

(MENAFN) Toyota Motor's Corp Executive Vice President, Yukitoshi Funo, stated that in 3 years, the automaker will introduce 8 compact cars especially customized for emerging markets, reported Reuters.

Funo said that Toyota plans to sell over 1 million units annually by 2015 in more than 100 countries, adding that prices of the new vehicles will be around USD12,600 or above.

He noted that production of the 8 cars will be carried out in local markets, including China, India and Brazil, as the company plans to secure 100 percent of the cars' components in these countries to reduce costs.

Moreover, output capacity in emerging markets will grow to 3.1 million vehicles annually by the coming year, compared with 2.38 million in 2010.

It is worth noting that by 2015; Toyota will sell 50 percent of its cars in emerging markets, compared with 45 percent in 2011 and 18.6 percent 12 years ago.