Toyota plans push for more sales in Brazil, Mexico
DETROIT, Michigan AFP) - Toyota said Wednesday that it plans a new push to boost its market share in Latin America, saying it underperforms in Brazil and Mexico, the region's largest economies.
Mr Mark Hogan, former president of Magna International and former General Motors executive, who became the first American to serve on Toyota's board of directors on June 1, told reporters that Toyota needs to expand its footprint in the two countries.
"Toyota is an extremely strong brand in Brazil but it underperforms in the market," Mr Hogan told reporters during a Toyota press event. "We only have an about 5 per cent market share. It should be higher," he said.
"Brazil is a very important market for Toyota," added Mr Hogan, who said one of his assignments as a new board member is to expand the company's foothold in Latin America.