Hybrids Prove to Be Toyota’s Key to Profitable Growth in Europe
For Toyota’s (NYSE:TM) 2014 game plan, the world’s largest automaker by volume will be targeting profit gains in Europe and Russia, a Bloomberg report is indicating. Furthermore, Toyota is hoping to gain its sale through its lines of increasingly popular hybrid models. Its facilities in France, the U.K., and Turkey are at full capacity.
This implies that Toyota is on track for its European production to account for 75 percent of the cars it sells in the region by 2015, according to Didier Leroy, who is the head of the Toyota Europe division and spoke with Bloomberg in an interview.
“The real challenge for us is to be permanently asking ourselves whether we’re on track with profitable growth,” Leroy said. “There’s absolutely no doubt about the fact that we’ll be making more sales and profit next year than this.” Toyota saw sales gains of 6.9 percent for November; overall, Toyota ranks number 10 among manufacturers in the European market.