Toyota Revamps Its Emerging-Market Vehicles

Toyota Motor Corp. is spending about 100 billion yen ($832 million) to update the platforms, powertrains and designs of its array of low-cost vehicles developed for emerging markets, The Nikkei reports. It's the first major overhaul of the vehicles in 11 years.

Toyota's lineup of international multipurpose vehicles (IMVs) consists of minivans, SUVs and pickup trucks, all riding on the same platform. The company assembles the vehicles at 13 locations around the world and sells them in more than 170 markets.

Last year IMV production totaled 965,000 units, according to The Nikkei. It says Toyota aims to increase production to 1.1 million units in 2015.

The first of the revamped vehicles will go into production in Thailand this spring. Toyota will spend more than a year to complete the overhaul.