Toyota Plans Affordable Sports Car

Toyota Motor Corp. President and Chief Executive Akio Toyoda said Wednesday that the auto maker plans to build a "fun-to-drive" affordable sports car and launch it within the next few years.

Mr. Toyoda said during an appearance here that the company is making the move in an effort to inject the enthusiasm from the race track into the vehicles Toyota builds around the world.
"I am very excited about it and I plan to put it on the fast track," said Mr. Toyoda, who is also a race car driver. "Along with my hope for getting Toyota back on track, I believe the U.S. market will not only recover, but come back stronger than ever."
Mr. Toyoda didn't provide specific details on the appearance of the car or when it would be introduced in the U.S.
The company, along with the world's other auto makers, has been struggling with sluggish sales around the world amid the global economic recession.
Toyota said Tuesday it will deliver a smaller-than-expected 77.82 billion yen ($816 million) quarterly loss, and reduced its full-year fiscal loss forecast to 450 billion yen through March, better than the 550 billion yen loss initially projected.
"The severe drop in the economy and auto market has created some of the most challenging times Toyota has ever faced," Mr. Toyoda said. "I am to take us back to what made Toyota successful for many years--making high-quality products at an affordable price."

Separately, Mr. Toyoda didn't provide any further detail on the future of the New United Motors Manufacturing Inc. plant launched 25 years ago in California. GM announced last month it was withdrawing from the partnership as part of its bankruptcy exit strategy.
"GM's decision to withdraw from the joint venture has created some extremely difficult issues for us to resolve," Mr. Toyoda said. "We are still studying the situation, and I hope to make the decision soon."