Shoju Nozaki, executive vice president of Toyota’s China operation quoted by 21st Century Business Herald said that the Chinese auto market is likely to overtake Japan to become the world’s second largest auto market this year and pass the the United States to be the world’s largest by 2020.
Amid the global financial crisis, the North American market downturn has dragged down the sales of Toyota, which saw a 4.3% decline for the first nine months of the year in global markets.
Regarding of the economic slowdown, he warned that the effect will be seen in the China market next year as a result of the spill-over of the global financial crisis.
Toyota has taken massive measures to remain competitive in China, including cutting the costs, improving business efficiency and reducing the sales target.
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