In a sign that Toyota Motor Corp. is promoting local production and enjoying brisk sales, new President Katsuaki Watanabe said Monday its output of vehicles introduced under its Innovative Multipurpose Vehicle project is likely to reach 700,000 units, up from 500,000 as originally planned.
Speaking at his first news conference after winning approval at the company's shareholders' meeting last week, Watanabe also hinted Toyota will soon announce a plan to build a new manufacturing plant in Canada.
Under the IMV project, launched in August, Toyota assembles vehicles that better suit the needs of overseas markets at seven main production bases, including in Thailand, Indonesia, Argentina, South Africa and the Philippines, with locally procured parts.