By Gong Zhengzheng (China Daily)
Updated: 2007-11-23 10:22

Japan's top carmaker Toyota Motor Corp has raised its 2007 sales target in China by 11 percent based on encouragingly strong performance in the first 10 months.

Akira Sasaki, president of Toyota's China operations, said the company aims to sell 480,000 vehicles in the world's second-biggest auto market this year, compared to the previous goal of moving 430,000 units.

Two models pose with a Toyota car at Shanghai's Auto Expo on Oct 27. The Japanese automaker boasted US$11.1 billion operating revenue between April and September this year.[newsphoto]

From January to October, its China sales surged by 67 percent year-on-year to 386,000 units, outpacing the 24 percent growth of the country's entire auto industry.

Toyota expects its China sales to reach 700,000 units next year, Sasaki said.

But it still trails the current two market leaders in China, General Motors (GM) and Volkswagen.

GM and Volkswagen announced earlier that they respectively planned to sell more than 1 million and 900,000 vehicles in China this year.

Toyota announced years ago that it aimed to grab 10 percent of China's vehicle market by 2010, up from the present 5 percent .

The carmaker is speeding up its new product offensive in China as part of its catch-up strategy.

A model poses with the 2007 Toyota FJ cruiser at Shanghai Auto Expo on April 25. The company has raised its 2008 output target to 10.4 million automobiles.[newsphoto]

Its joint venture with Guangzhou Automobile Corp, which manufactures the midrange Camry sedan, plans to launch 1.3-liter and 1.6-liter Yaris subcompacts by mid-year 2008.

Toyota's partnership with FAW Corp would also produce a redesigned Vios subcompact next year. The venture's current lineup includes the Crown, Reiz, Corolla and Vios sedans, the Prius hybrid-powered sedan, the Land Cruiser sport utility vehicle (SUV) and the Coaster bus.

With its two Chinese partners, the Japanese carmaker now has a combined annual production capacity of 640,000 vehicles.

Toyota also plans to introduce a slew of new models for export to China next year, such as the FJ Cruiser SUV and the Lexus GS450 hybrid.