developing new ultra-low-cost production process - report

developing new ultra-low-cost production process - report
TOKYO (XFN-ASIA) - Toyota Motor Co is developing a radically different
carmaking process that will drastically cut costs across the entire chain of production, President Katsuaki Watanabe said in an interview with the Financial Times.
'The focus is on low-cost technology,' Watanabe said. 'Everything from design to production methods will be radically changed and we are thinking of a really ultra-low-cost way of designing, using ultra-low-cost materials, even developing new materials if necessary.'
Watanabe said the company will review each step in the production process to lower costs for a new model and then to apply the lessons across its line-up.
Asked about the price of a car produced via the new process Watanabe said the company has a rough target of being 'at least' cheaper than the Renault (other-otc: RNSDF.PK - news - people ) Logan.
Watanabe also denied media speculation that Toyota (nyse: TM - news - people ) is poised to strike a cooperation agreement with Ford, saying no specifics have been discussed.
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