Toyota Motor Corp. is looking to build a new plant abroad, company President Akio Toyoda indicated, as the world's biggest carmaker nears an end to its self-imposed three-year ban on such projects.
Toyota, speaking to reporters in Nagoya, fell short of referring to a possible site. But sources close to the matter said the company may build a new plant in Mexico or China.
"It has been nearly three years since we began talking about the three-year freeze," Toyoda told reporters, in reference to the restriction started in April 2013.
Toyota had said it would focus on cost-cutting and other production improvement efforts at its existing factories during that period.
The move came after the company incurred heavy losses in the wake of the global financial turmoil in 2008. The ensuing world economic slump derailed Toyota's aggressive overseas expansion.