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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap Toyota targets strong sales in emerging markets AFP - Thursday, March 10 Send IM Story Print TOKYO (AFP) - – Toyota Motor said Wednesday it aimed to make half its global sales in emerging markets by 2015, as it sought to begin a new chapter after being hit by millions of recalls and the financial crisis. The firm said it aimed to double operating profit to 1 trillion yen ($12 billion) from estimated levels this year "as soon as possible" and would slash its board of directors to 11 from 27 "to improve decision making". Toyota's "Global Vision" aims to implement lessons learned from the global financial crisis that plunged the automaker into the red, and from the millions of recalls that tarnished its once stellar image for quality. "In 2010 we achieved 60 percent of our sales in industrialised countries and 40 percent in emerging markets," said company president Akio Toyoda, unveiling the plan to reporters in Tokyo Wednesday. "I want the proportion to increase to 50/50 in 2015," Toyoda -- the publicity-shy grandson of the company's founder -- said, adding that China, the world's largest car market, could soon comprise 15 percent of global sales. Global sales reached 8.42 million units in 2010 and could soon reach 10 million, Toyoda suggested, adding the company's focus was not on numerical targets. Toyota will launch 10 new gasoline-electric hybrid vehicles by 2015 while also developing electric cars and fuel-cell powered vehicles. Growth in emerging markets meant providing safe, environmentally friendly vehicles tailored to customers in countries that were in the throes of motorisation, Toyoda said. In 2008 Toyota ended General Motors' 77-year reign as the world's largest automaker, but since then the Japanese giant has faced steep challenges. Previously lauded for its safety, Toyota became mired in crisis when it recalled nearly nine million vehicles between late 2009 and February last year due to brake and accelerator defects linked to deadly accidents. As criticism mounted of its slow response and bureaucratic inflexibility, Toyota tightened its recall policy and has pulled around 16 million units since late 2009 over a range of issues. On Friday it suffered a fresh setback when ratings agency Standard & Poor's downgraded the carmaker to "AA-" from "AA", citing "weak profitability". In February the maker of the popular Prius hybrid reported a 39 percent fall in third-quarter net profit year-on-year as sales slipped and operating profit tumbled at a time when the yen hit 15-year highs versus the dollar. Toyota hopes to reach an operating profit of about 1 trillion yen as soon as possible, nearly double the 550 billion yen operating profit it is projecting for the current fiscal year. It aims to boost the ratio of operating profit to sales to five percent from an estimated 2.9 percent for the current fiscal year, even in what it called a tough business environment. Japan's automakers have returned to profitability since the financial crisis but a pick-up in demand has been overshadowed by the impact of the strong yen, making their products more expensive overseas and eroding profits. The automaker will reduce its number of board directors to 11 from the current 27, after last year announcing steps to reshape operations to improve the recall process. Detractors view the shake-up as an effort by Toyoda to consolidate power, the Wall Street Journal reported this week, with insiders viewing it as part of a struggle for influence pitting the Toyoda family against non-family factions. Toyota will also establish a "regional advisory committee" as it looks to add a more global perspective to what has been criticised as Japan-centric decision making. Regional advisors will include former US Secretary of Labor Alexis Herman and former General Motors vice president Mark Hogan, Toyota said. Send IM Story Print News Search Top Stories Libya: live report Cathay Pacific orders 27 Airbus and Boeing planes Toyota targets strong sales in emerging markets Spider-Man comic sells for $1.1 mln Schalke's Raul wary of Valencia in Champions League More Top Stories » ADVERTISEMENT Most Popular Most Viewed Mass fish death in California harbor NASA scientists in row over 'alien microbes' Lack of sleep can make you overly optimistic: study Spider-Man comic sells for $1.1 mln Cathay Pacific orders 27 Airbus and Boeing planes More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! 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