The company has also revealed the name of its new small car to be produced at its joint venture plant with PSA Peugeot Citroën in the Czech Republic.
To be called the Toyota Aygo, the new model, smaller than the French-built Yaris, will increase Toyota’s production capacity in Europe by 100,000 units when it comes on stream in 2005.
Toyota’s new sales target follows record sales for the period January to August, with 628,664 units sold, up 12% on 2003. The 900,000 target will be supported by expanding localised production.
From 2005, Toyota will have a total of eight manufacturing plants in six different countries throughout Europe – including the PSA Peugeot Citroën joint-venture in Kolin, Czech Republic.
Having announced production capacity increases at plants in the UK, France and Turkey earlier this year, Toyota’s current maximum vehicle production capacity is 675,000 units. This will increase to 775,000 units when production of the small car with PSA Peugeot Citroën begins in 2005. And the company’s manufacturing operations will celebrate their landmark 2.5 millionth vehicle produced in Europe in October.
Toyota estimates that in 2004 it will build 565,000 vehicles in Europe, up 21% compared to 2003; 466,000 engines, up 8%; and 198,000 transmissions, up 69%.