Toyota (TM) - Get Report is reportedly considering opening an eighth car plant in North America, even as U.S. rival GM (GM) - Get Report pares its operations.

Vice Chairman Fujio Cho, who was in Lexington, Ky. to celebrate the 20th anniversary of a nearby Toyota plant, told reporters the company would most likely need another North American assembly plant if demand for its cars keeps up its current "momentum," according to

The Wall Street Journal

Earlier,

Kyodo News

reported that Toyota plans to build its eighth North American plant in a southern state, citing anonymous company sources.

Cho also said he has been urging Toyota to produce its hybrid gas-electric Prius model in the U.S. because of the car¿s popularity, the

Journal

report said. A key consideration is shrinking the size of crucial hybrid components, which are currently too costly to ship from Japan for assembly in the U.S.

Toyota has been grabbing market share from troubled U.S. rivals GM and

Ford

(F) - Get Report

.

Toyota shares finished the week down 69 cents at $109.91.