Toyota working on new car for emerging markets-paper

Newswire

TOKYO, July 30 (Reuters) - Toyota Motor Corp is developing a new low-cost car to attack fast-growing markets such as China and Southeast Asia, targeting a 2012 launch and a price under 1 million yen ($11,520), Japan's Chunichi Shimbun newspaper reported. The compact car will be based on its Vios and Vitz/Yaris subcompact models, and Toyota is aiming to slash production costs by 30-40 percent by procuring more parts locally, the paper said. Toyota's minivehicle unit, Daihatsu Motor Co , ...

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