Emerging markets and hybrids key to Toyota's future
Toyota has very vaguely outlined its plans to sell 10 million vehicles per year and to double profits by 2015. The key to achieving these targets will be both hybrid cars and emerging markets under Toyota's ‘Global Vision' plans.
Consequently, Toyota will add 10 new hybrids to its current fleet of hybrid cars by 2015.
In addition to increasing it's hybrid fleet, particularly in mature markets, Toyota also plans to increase sales in emerging markets by 10 percent.
Nevertheless, it seems clear that Toyota believes hybrid cars are the key to increasing share, particularly in established markets such as the US, Europe and Japan. Not only, for instance, is Toyota significantly expanding the Prius family, Toyota has suggested that before 2020, the Prius could outsell the Camry in the US.
While many might laugh at such a claim, Toyota has proven hybrid doubters wrong again and again with its hybrid sale's forecasts.
Still, in order to achieve these new levels of hybrid sales, it seems cheaper hybrid prices have to be in the mix. Even if gas prices rise, consumer studies have indicated that higher gas prices will push most new car consumers into cheaper cars, not just more fuel efficient cars since they have less money to spend upfront. Thus, higher gas prices and more hybrids alone won't be enough. Only reduced costs will get the job done.
And that's good news for potential hybrid buyers.