Toyota Aims to Sell 1 Million Vehicles in Europe

Toyota Motor Corp. has set a goal of selling 1 million vehicles per year in Europe by 2015, compared with an estimated 832,000 units this year, according to Toyota Motor Europe CEO Didier Leroy. The target includes Lexus brand vehicles.

Leroy tells reporters at the Paris auto show that the company expects the station wagon variant of its next-generation Auris compact car to boost sales by 100,000 units.

Leroy adds that Toyota also intends to hike its share of the European car market to as much as 5.5% by 2017 from an estimated 4.5% this year. The company's sales in the region peaked in 2007 at 1.3 million vehicles and a 5.6% share.

Analysts note that Toyota faces growing competition in Europe from South Korea's Hyundai Motor Co. and Kia Motors Corp.

Leroy says the company aims to battle the negative impact of the strong yen which makes its vehicles more expensive abroad by eventually producing in Europe three-quarter of the vehicles it sells there, compared with 67% now.