Toyota looks to hybrids for boost

Toyota is to focus on hybrid vehicles and emerging markets and push for global sales of 10 million cars by 2015, the Japanese car giant said yesterday.

The company's president, Akio Toyoda, outlined the plans as part of a "global vision" for rebuilding the company after it dropped to a first ever net loss in 2008, and was then walloped by a series of engineering glitches that saw more than seven million cars recalled worldwide.

"This vision is about what kind of company we are and the road to the kind of company we want to be," Mr Toyoda said, setting out plans to shrink the board from 27 to 11 and cut executive numbers by 17 to 60.

The Prius maker wants 10 more hybrid vehicles by 2015, and at least half of sales in emerging markets.