Apr. 22, 2008 (China Knowledge) - Toyota Motor Corp, the second largest automaker in the world, expects to sell 700,000 vehicles in China this year, up 40% from that of last year, said its managing officer Yuzo Ushiyama on Sunday.

Despite the possible slowing down in China's economic development following the U.S. economic recession, the overall sales of automobiles in the Chinese market is expected to increase by 14% to reach10 million units this year, according to Ushiyama.

He also noted that the 40% sales growth target in China could be challenging as it is far more than the estimated market growth rate, but the company will strive to achieve the goal by introducing more models to the Chinese market, including the new Corolla, revamped Vios and Yaris.

In the long term, Toyota is expected to achieve the target of selling 1 million cars annually in three years.