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| Friday, September 05, 2008 23:38:31 |
Toyota considers China portfolio expansion
Toyota Motor Corp., a relative latecomer to China's booming auto market, is considering adding another model, a subcompact hatchback, to beef up its joint venture with Guangzhou Automotive Group, The Wall Street Journal reported.
The move would expand Guangzhou-Toyota's product offerings, which currently are limited to the Camry car, a slightly tweaked version of the redesigned Camry that went on sale in the U.S. and other global markets this year.
Though a final decision is some time away, "we think we need to increase Guangzhou-Toyota's product offerings since long term, it won't work as a single product franchise," said the paper, quoted Yoshi Inaba, Toyota's China chief and an executive vice president of the company's headquarters in Toyota City, as saying.
He said he believes the Yaris hatchback would fit well with Guangzhou-Toyota's effort to make that franchise a brand that exploits the "more cutting-edge" and "personal-premium" niche in China filled by cars such as the Honda Accord and the Toyota Camry.
Mr. Inaba says Chinese consumers view hatchbacks as more fashionable than conventional sedans and are willing to pay more for them. "They are part of a new wave of automobiles in China," he said.
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