Toyota Targets Myanmar for Expansion

By IVCPOST Staff Reporter

Jul 01, 2013 05:42 AM EDT

The world's largest car manufacturer, Toyota Motor Corp planned expansion in Myanmar, Cambodia and Kenya. The move was a part of its push to attract first time buyers and get about half of global sales from emerging markets.

Toyota planned to work close with its Daihatsu Motor Co. unit to develop compact cars according to its Executive Vice President Yasumori Ihara.

Toyota along with other foreign automakers is expanding in developing countries. This is because of the increase in the number of consumers who can afford to buy cars for the first time. Toyota counts China, Southeast Asia, India and Brazil as its key emerging markets said Ihara. He added that the weakening of the yen has created a good business environment. Currently, Toyota is reviewing its forecasts for global sale and production for the fiscal year 2013. This was according to the Toyota's Executive Vice President Nobuyori Kodaira in a statement released today.

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