Toyota is targeting 63,000 sales in India, up 9,000 on the 2007 result as it releases the latest Corolla Altis sedan there.

"This year's target is to sell 63,000 vehicles and by fiscal 2015 we are aiming a market share of about 10%," Vikram Kirloskar, the vice chairman of Toyota Kirloskar Motors told Dow Jones ahead of the launch.

The company had a 3.7% share of India's passenger vehicle market in the fiscal year ended last 31 March.

He said the company aims to start production and sales of its first small car in India "around the end of 2010 or early 2011."

The Altis sedan is popular in emerging markets like Thailand, where it is a staple of the Bangkok taxi fleet, Malaysia and the Philippines. It is also sold - as the Corolla sedan - in other markets such as the US and Australia, and some parts of Europe.