DETROIT Aug 28 Toyota Motor Corp needs
to add production capacity and sell more types of cars to boost
its market share in Brazil and Mexico, Latin America's two
largest economies, the American board member for the No. 1
Japanese automaker said on Wednesday.
"The real solution to Toyota's growth in Latin America and
Brazil would be more product and eventually more production
capacity," Mark Hogan told reporters at a company event outside
Detroit. "The market for Toyota vehicles in Brazil is only
limited by the company's capacity to be able to export or build
them there efficiently."
Hogan, a former General Motors Co executive who
joined Toyota's board in June, also said the company has a very
small market presence in Mexico, where it also underperforms.
"That, too, will get changed with more production capacity and
more product," he said.
Toyota has three assembly plants in Brazil and one in
Mexico. Starting in 2015, Toyota will begin selling in the U.S.
and Canadian markets 50,000 cars a year built by Mazda at a
plant under construction in Mexico.
Hogan, speaking to reporters at a Toyota hybrid vehicle
event, did not give a timetable for when the plants would be
added or what vehicles they would build.
Speaking about the weak Japanese yen, he acknowledged that
Toyota sees some benefit, but said the weaker yen was where it
needed to be for the stagnant Japanese economy to grow.