plans to develop a compact car for emerging markets with its subsidiary
, a report says.
The car, which is expected to be priced under $11,000, is intended for sale in India, Brazil, China and other markets in the first half of the next decade, the
business daily reports. The car will be sold under the Toyota brand name, but will be built by Daihatsu in Indonesia.
The car's development would meet the goal of plans by Toyota President Akio Toyoda to build products for individual geographic regions, rather than the automaker's normal business model of offering the same lineup all over the world.
Toyota, meanwhile, also has been developing on its own a compact entry-level family car powered by a roughly 1-liter engine. The company is expected to start making the car in India around 2011, the