TOKYO -- New Toyota President Akio Toyoda has abandoned the goal of grabbing a 15 percent share of the global market as part of a back-to-basics focus on quality over quantity.
The target was set in 2002 by then-President Fujio Cho as a benchmark for charting Toyota Motor Corp.'s rapid growth. Cho wanted the 15 percent sometime after 2010.
In 2008, Toyota's global share of light vehicles was 13.7 percent.
But Toyoda has different priorities, a high-level Toyota executive says. For starters, he took office in June amid an unprecedented global slump that has his company battling its first loss in decades, not priming for expansion.
"Our president doesn't feel comfortable upholding figures as our vision," the executive said on condition of anonymity.
"It is not the Toyota way to aim for 15 percent or 10 percent."
Toyoda has said the previous era of rapid growth overstretched the company's resources.
Today, Toyota has global production capacity of around 10 million vehicles, but it plans to sell only 6.6 million in the fiscal year that ends March 31, 2010. The latest forecast represents a 12.8 percent retreat from global sales of 7.57 million vehicles last year.
Toyota's new management believes the capacity glut was the result of chasing numbers instead of customer needs.
Said the executive: "Our president doesn't like figures or documents."