Guangzhou Toyota Motor Co., Ltd (GTMC), Toyota’s second joint venture in China, aims to increase its sales target by 17% in 2008, powered by launching new models and the expansion of output capacity, market sources reported.

GTMC estimates a projected sales volume of 210,000 vehicles next year, including 175,000 units of Camry premier sedan and 35,000 Yaris hatchback, which are scheduled to sell nationwide in the middle of 2008.

Driven by soaring demand in premier class segment, the company raised its sales target twice to 170,000 units this year. The sales of Camry, the only model of GTMC in the mid-to-high segment, beat Honda’s Accord as the year’s best selling model, and reported a total sale of 153,000 units for the first 11 months.

Yuan Zhongrong, the executive vice president of Guangzhou Toyota, expected the competition in the premier class segment to be much more intense next year compared to this year.

Its rival Honda will begin to sell new Accord tomorrow, with an expected sales volume of 185,000 units next year. In response, Toyota is planning to launch Yaris hatchback, the Japanese car maker’s global model, and to expand its dealership network to 180 stores.

Toyota, a leading car maker from Japan, has added capacity and is actively launching new models to grab bigger market share. In line with its expansion in China, the company expects to take a 10% market share on mainland by 2010, up 5% from last year.