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Toyota looks to growth in emerging markets

Toyota is looking to emerging markets for growth, targeting 50 percent of its global vehicle sales there by 2015, and rolling out eight compact models over the next few years.

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Toyota Motor Corp. already sells more than 3 million vehicles a year in emerging markets, making up 45 percent of its global sales.

Japan’s top automaker said Friday it’s aiming for annual sales of more than 1 million vehicles in emerging markets with those eight models in more than 100 countries and regions.

But Toyota won’t be competing in supercheap models. It will use parts, including engines and transmissions, made in China, Indonesia, Brazil, India and other emerging markets. Using locally made parts is key to cutting costs.