Toyota President Fujio Cho has fuelled speculation that Toyota will build a further North American plant following remarks he made at the end of last week following an analysts and investors' meeting in New York.

Fujio Cho reportedly said that the American population is growing and that 'we are thinking of building a new plant'.

However, reports also suggest that he emphasised the medium term nature of the plan, saying that the project would materialise only after Toyota had met its sales target of two million units a year in North America. Toyota sold 1.87 million light vehicles in North America during 2001, suggesting that the target may not be far off.

Following Fujio Cho's comments, Toyota has stressed that no final decision on a fifth North American plant has yet been made.