Toyota mulling building new low-cost car plant

TOKYO, May 14 (Reuters) - Japan's Toyota Motor Corp (7203.T: Quote, Profile, Research) said on Wednesday it is considering setting up a new plant to build small, low-cost cars.

Toyota spokesman Hideaki Homma said the company had not decided on details such as the location or timing of the move, but the Tokyo Shimbun daily reported that the plant would be in Brazil and the investment was likely to be in the tens of billions of yen. The newspaper said Toyota's new factory, which would be its second in Brazil, was likely to produce 150,000 to 200,000 units of small cars for emerging markets from 2011. It added the vehicles were likely to be priced around a million yen. (Reporting by Sachi Izumi; Editing by Hugh Lawson)