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Toyota Aim For 15% Market Share

Japanese car giant wants to boost share by half again...

The Toyota Motor Corporation, the world's third largest car maker, aims to boost its share of the global car market by half early in the next decade, grabbing almost a fifteen percent share with its affiliates, the company said in a statement.

The maker of the Corolla, which currently has about a tenth of the total world market, said without elaborating that the level of motorisation is advancing in China and other emerging markets. Toyota plans to increase worldwide sales, including those of affiliates Daihatsu Motor and Hino Motors, by two percent to six million units in 2002.

?Toyota is the kind of company that can talk about its visions because it's very stable,? said Norihiko Kamada, who helps manage $1.2 billion in stocks at Chuo Mitsui Asset Management, including auto stocks. ?There are many companies out there who don't want to discuss their long-term plans.?

Toyota is pushing to increase overseas demand for its vehicles. In the US, where it has already grabbed more than ten percent of the market, the company plans to release a new range of cars to appeal to younger buyers. In Europe, where it has been losing money, it will start making small cars with Peugeot Citroen from 2005 to increase its presence in the market.