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May 29, 2017

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Toyota remains upbeat for Europe

PARIS -- Auto giant Toyota will remain profitable in Europe this fiscal year and will avoid much of the overcapacity problems plaguing rivals, President of Toyota Europe Didier Leroy said on Wednesday.

"We will be profitable in fiscal year 2012 (which ends in March 2013)," Leroy said on the eve of the Paris Auto Show.

The world's number three carmaker in 2011 intends to increase sales in Europe for the second consecutive year, improving on the 822,000 units sold last year, and boost market share from 4.5 percent in 2011 to 5.5 percent by 2015 or 2016.

"Our goal remains to achieve one million (units sold) in the mid-term," said the company's European sales and marketing chief Karl Schlicht.

If the targets are reached, Toyota will have bucked the trend in a morose European market forecast to contract by five percent this year and only stabilize in 2013.

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