Toyota Motor Corp. is counting on growth in China and plans to introduce a cheap "family car" in the country that will likely sell in big numbers, an executive said Friday.
But Toyota has no ambitions to become No. 1 in the Chinese market, said Executive Vice President Yukitoshi Funo, who oversees emerging markets for the automaker.
"In big markets like China, the top maker should be domestic," he said. Funo did not elaborate on this view, expect to note the dominance of Renault SA in France and Volkswagen AG in Germany. Volkswagen and General Motors are vying for the top market share in China, but Funo said Chinese automakers are likely to get stronger and emerge as No. 1.
Funo stressed the sales potential for an entry-level car in China, recalling the Toyota Corolla subcompacts that Japanese snatched up during the nation's modernization.
He did not give details of the planned model, but said it will be more expensive than offerings from Chinese manufacturers.