Toyota aims at 15% global market share by 2010

Toyota aims at 15% global market share by 2010

Japanese automaker Toyota is currently the second largest automaker in the world and is catching up with General Motors at a rapid pace.

The company now aims to accelerate plant openings in India, China and in other markets to keep on expanding its production capabilities.

The aim is to capture a 15% share of the world auto market by 2010.

Toyota reported that it plans to open three new production plants by 2009 capable of producing 450,000 vehicles a year. These units are expected to come up in India, China and USA.

Market analysts believe that the company is capable of catching up with GM as early as this financial year considering GM is cutting down its production in the US market.