Toyota will not establish any joint venture sub-brand in China in the coming few years, according to the China Business News on Thursday, citing the Japanese automaker’s managing director Satoru Mouri.
“Toyota isn’t the best brand and we don’t have much market share yet,” said Satoru Mouri. Compared with an expected growth rate of 15 percent in 2011 of the auto industry in China, Toyota has only set a target of 7 percent, to 900,000 units this year.
Toyota’s joint venture models have 5 percent of market share in China. It will take some time for consumers to know more about the brand, and the car maker needs to improve itself to be more credible, said Satoru.
“When everybody considers Toyota a great brand,” then it will be the right time for the company to develop its joint venture’s own sub-brand in China, said Satoru Mouri.
The main developing strategy is to make customers identify the brand with high quality and high technology.