Toyota has a plan to sell 10m vehicles a year and will look to sell half of them in in emerging economies.

Executive vice president Yasumori Ihara told Japan’s Jiji Press that, unlike markets in developed countries which are mainly driven by replacement demand, those in emerging economies are "promising because of a large number of customers buying vehicles for the first time".

When the company achieves annual global sales of 10m units, half of them should be in emerging economies, he said.

Ihara, in charge of overseeing Toyota's operations in emerging economies, said he is determined to make them a strong foothold that could underpin Toyota's future. In particular, the carmaker will expand business into countries such as Myanmar, Cambodia and Kenya, he added.