Toyota Motor hopes to increase its European sales by almost 50% in the next five years, Reuters reported, citing company president Fujio Cho.

Speaking at the official opening of Toyota's new joint venture plant with PSA Peugeot Citroen , Cho reportedly said Toyota and its luxury Lexus brand sold 276,128 cars in Europe in the first four months of the year for a 5.4% market share, which exceeded original estimates.

"For Toyota in 2005, we'd like to sell 800,000 units, and have a market share of 5%. But we have already exceeded this (market share) target, so we have increased the target level," he said without revealing the new target, according to Reuters.

"Probably, by 2010 we'd like to sell 1.2 million units in the European market," Cho reportedly added.

Toyota targets selling 8.5 million vehicles in 2006, Reuters said.

Cho also said there were no plans to build the Prius hybrid at the new Czech plant, or at any other European site, the report added.