The world’s largest automaker, Toyota Motor Corp, announced on Monday that it plans to expand in Myanmar, as well as in Cambodia and Kenya, as part of its push to attract first-time buyers, according to a report by Bloomberg.
Toyota, which says it is aiming at capturing about 50 percent of global sales from emerging markets, plans to work closely with its Daihatsu Motor Co unit to develop compact cars for those emerging markets, Executive Vice President Yasumori Ihara said at a briefing in Nagoya, Japan, on Friday.
“It’s where the future growth is,” he is reported saying.
Toyota counts China, Southeast Asia, India and Brazil as its key emerging markets, Ihara said at the briefing.
He made no further mention of what plans he had in mind for Myanmar, which has recently seen much renewed interest in auto manufacturing and car showroom launches from other major Japanese car companies such as Suzuki and Mitsubishi, as well as US firm Ford.
