Toyota to double profit by 2015

Toyota Motor Corp. President Akio Toyota on Wednesday said that the Japanese carmaker will be launching at least 10 new hybrid vehicle models to take advantage of the growing market for zero-emission cars – potentially raising its profit by more than 100 percent.

The world’s largest automaker Toyota Motor Corp. on Wednesday said that it expect to double its profit in the next five years as demand for hybrid and other zero-emission vehicles in emerging markets continued to increase.

Akio Toyoda, president of Toyota, said that the company will be launching at least 10 new hybrid models in the coming years to take advantage of the growing demand for more eco-friendly vehicles.

The official also said that Toyota will be pushing through with its planned “Global Vision,” which aims to streamline the carmaker’s management – including the removal of some of its board seats, and bigger tasks for regional heads.

“Starting today, we will be strive to build stronger base for generating profits so that even under tough conditions, we can still manage to book operating margin of five percent, and operating profit of about one trillion yen,” Toyoda said.

He said that the move would allow the company to achieve profits even with major economic downturns, and 20 percent decline in its sales.

However, Toyoda refused to discuss on how the company would achieve such feat within the next five years.

Many analysts said that this “lack of direction” would put more doubts to investors, who are now looking for more specific plan from Toyota’s management.

It will be recalled that the Japanese carmaker has struggled to improve its profit margins due to massive blows from recalls of its vehicles in the last couple of years.

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