Toyota has founded a new subsidiary in South America for its industrial vehicles operations in Argentina and Brazil.
Toyota Industries Mercosur (TIM), in Buenos Aires, would mainly provide forklift sales and maintenance services, the Latin America News Digest reported.
TIM vice-president Luiz Carlos Andrade Jr said the company expected to raise regional sales from 530 machines in 2003 to 800 this year.
Toyota currently has a 30% share in the market, where it vies with Nissan, Mitsubishi, Caterpillar, Yale, Komatsu and Clark.