Toyota to halve number of car models in Japan by 2025
TOKYO: Toyota Motor Corp is aiming to halve the number of car models it sells at home by 2025, a person briefed on the matter said – the second time this month that a Japanese automaker has emerged with plans to sharply scale back in a shrinking domestic market.
Car sales in Japan have been on a declining trend for more than two decades as the population rapidly ages and young people are losing interest in car ownership.
At the same time, global automakers are increasingly focusing their research and development efforts on electric cars and self-driving technologies.
Toyota offers about 60 car models in Japan, where consumers clamour for variety. But it aims to gradually cut that to about 30 by 2025 to make better use of resources, the person said, declining to be identified as he was not authorised to speak on the matter.
But even halved, the new domestic model portfolio would still beat the 25 models available in North America, Toyota’s biggest market.
The plan comes on the heels of Honda Motor Co Ltd’s announcement last week that it aims to end production at a domestic factory by 2022, cutting output in Japan by 24% to focus on electric cars and other technologies. Toyota spokeswoman Akiko Kita declined to comment on product plans – Reuters