Having already established itself as the firm leader in the green car race, Toyota has now set its sights on the developing market.
According to reports in the Nikkei, the Toyota Motor Corporation will develop a compact car with its subsidiary mini-car specialist Daihatsu Motor Company that will be marketed for less than US$11,000 in India, Brazil, China and elsewhere.
Toyota, which currently holds a 51.2 per cent stake in Daihatsu, will be embarking on the first joint development of a strategic vehicle with the firm for overseas markets. It is part of Toyota President Akio Toyoda's vision to tailor products for individual regions rather than simply offering the same vehicle line-up all around the world.
It is expected that the vehicle will be marketed in the first half of the next decade, but it isn't the only exciting venture from the Japanese manufacturer in the emerging markets.
Toyota has also been developing its own compact entry-level family car powered by a one-litre engine and hopes to begin manufacturing it in India in around 2011, where it would sell for approximately US$13,200.
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