An high executive of Toyota said Friday, that Toyota plans to introduce a cheap “family car” there that will likely sell in big numbers, but without plans to become No 1 in the Chinese Market.
“In big markets like China, the top maker should be domestic,” he said.
He had similar feelings about the U.S. market, where he said General Motors Co. and Ford Motor Co. should retain top market shares.
Funo did not explain this belief expect to note Renault SA’s dominance in France and Volkswagen AG in Germany. Toyota, the world’s biggest automaker in global vehicle sales, holds top market share in Japan.
Volkswagen and General Motors vie for top market share in China but Funo said Chinese automakers are likely to get stronger and emerge No. 1.
Funo stressed the sales potential of an entry-level car in China, comparing that to how Japanese had snatched up Toyota Corolla subcompacts during the nation’s decades of modernization.
He did not give details of the planned affordable model, but said it will be more expensive than offerings from Chinese manufacturers,