That growth will be underscored by expanding capacity at the firm's plant in White, Ga., Mr. Nobuki said, which will account for 30 percent of Toyo's global tire manufacturing capacity by 2016 — up from 21 percent last year.
Capacity outside of Japan will account for half of Toyo's annual production capacity of 270,000 metric tons by 2016, the executive said.
Referring specifically to the SUV/CUV sector, Mr. Nobuki sees the combined market share of the Toyo and Nitto brands rising to 6 percent by 2016 from 4.5 percent last year, bolstered by the company's participation in various off-road racing series and the use of “abundant” digital content.
Mr. Nobuki sees North America accounting for half of Toyo's tire sales worldwide by 2016, up 4 to 5 percentage points from 2013/2014.
These “Mid-Term ‘14” objectives reflect accelerated progress of the firm's “Mid-Term ‘11” goals, Mr. Nobuki said, aided by the “tail wind of a favorable external environment, including correction of the strong yen and stabilization of raw material prices.”