Toyota plans big cuts to its product lineup in Japan, source says

A man walks past a Toyota dealership in Tokyo, Japan.

Haruyoshi Yamaguchi | Bloomberg | Getty Images

A man walks past a Toyota dealership in Tokyo, Japan.

Toyota Motor Corp. is actually planning to halve the number of cars the item sells in Japan to about 30 by 2025 to focus on more well-known types in a shrinking market, a person briefed on the matter told Reuters on Thursday.

The automaker currently offers about 62 car types in Japan, including the Prius gasoline hybrid as well as the Aqua compact hatchback, along with less well-known ones including the Premio sedan.

Auto sales in Japan have been falling as the population rapidly ages, while young people are losing interest in car ownership.

The plans will allow Toyota to make better use of its resources, the person said, who was not authorised to comment on the matter as well as declined to be identified.

Toyota spokeswoman Akiko Kita said the company was pursuing quite a few strategies to maintain sales at least 1.5 million vehicles annually in a shrinking market. the item currently sells around 1.6 million a year.

Toyota as well as different global carmakers are concentrating their efforts on developing lower emissions vehicles, including electric cars while also focusing on expanding market share in emerging markets.

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