Toyota Motor will continue to slash costs in a bid to swing back to an operating profit on a parent-only basis, the Nikkei business daily has reported.

Toyota is trying to compete with South Korean and Chinese cars by reducing procurement costs by up to 30%, chief financial officer Satoshi Ozawa told Nikkei in an interview, Reuters reported.

The company also expects to launch a new line of cars in 2013, Ozawa told the daily. "We'll also hike per-car sales prices. If we shift offshore, we can't come back," the Nikkei quoted Ozawa as saying.

To achieve its target of earning JPY1 trillion (US$12.38bn) in operating profit, Toyota needs to break even on a parent-only operating basis, the daily reported.

Last fiscal, Toyota posted a parent-only operating loss of JPY480.9bn, according to the Nikkei.

Ozawa told the daily that Toyota would be able to create a break-even structure next fiscal year, Reuters added.