Toyota plans to cut capital spending on parts production by half within four years by standardising component designs.

Executive vice president Shinichi Sasaki said that Toyota is beginning to design parts using a new method under the company’s New Global Architecture programme.

Body designs and interiors will reflect local market characteristics, but the design of components not visible will be standardised. Toyota aims to commonise around half of a vehicle's 4,000 to 5,000 components.

Sasaki said that standardised component designs will help streamline processing facilities, allowing the company to rein in capital spending and fixed operating expenses. Increased order volumes of standardised components will also spur cost-cutting by autoparts makers and in turn bring down expenses to purchase components.

Toyota has been undertaking a project that pares back parts costs by overhauling manufacturing processes and materials. Sasaki added that this new effort, which is spread across vehicle models, will speed cost savings.

"The benefits of this reform will begin to show up in one year and be full-blown in four," he said.