Leading Japanese automaker Toyota Motor is turning its attention to the South American auto market and is looking for new opportunities as European sales continue to remain sluggish due to the Eurozone debt crisis.
The company's Brazilian subsidiary is planning to sell 200,000 vehicles in the Latin American country in 2013, which is twice the unit sales forecast for the current year.
President Shunichi Nakanishi of Toyota do Brasil says the Brazilian economy is expected to grow continuously ahead of the country hosting the next World Cup soccer finals and Olympic Games. The company sees high potential for an increase in auto sales in Brazil.
Toyota plans to introduce its compact car Etios in Brazil next month and its popular Prius hybrid later this year, Japanese media reported quoting company officials.
U.S. and European firms account for nearly 80 percent of the Brazilian auto market, the world's fourth largest. But Toyota's share was only three percent last year.
Automakers from other countries, including South Korea, have built plants in Brazil this year aiming to boost sales in the fast growing economies of South America.
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by RTT Staff Writer
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