Toyota Motor Corp. will build new plants in North America and Russia in a bid to raise the group’s global sales volume to 8.5 million vehicles in 2006, chairman Hiroshi Okuda said, according to a Kyodo news agency report cited by Dow Jones Newswires.
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Speaking at a presentation for analysts and investors on the largest Japanese automaker’s management strategy, Okuda reportedly said Toyota will build a seventh assembly plant in North America.
The automaker will also set up a factory in Russia as part of its efforts to boost annual sales in Europe to 1.2 million vehicles, he said. In China, the company will begin production of minivans, according to the news agency.
Toyota has been reinforcing its production capability in and outside Japan as sales in North America and other Asian countries are growing faster than anticipated, Kyodo said.
Toyota expects its global sales volume to reach 7.22 million units in the current business year to next March 31, Kyodo reported, according to Dow Jones.
