DETROIT: Toyota said last week that it plans a new push to boost its market share in Latin America, saying it underperforms in Brazil and Mexico, the region’s largest economies.
Mark Hogan, former president of Magna International and a former General Motors executive, who became the first American to serve on Toyota’s board of directors on June 1, told reporters that Toyota needs to expand its footprint in the two countries.
“Toyota is an extremely strong brand in Brazil but it underperforms in the market,” Hogan said. “We only have an about 5-percent market share. It should be higher. Toyota needs more production capacity in Brazil.”
Toyota is now building its third assembly plant in Brazil.