Toyota Motor Corp’s new president, the grandson of the group’s founder, warned on Thursday the auto industry faces another two tough years as he outlined his strategy to return the world’s No.1 car company to profit.

Toyota aims to build more autonomous operations in North America and shift its focus to marketing a region-specific vehicle line-up, rather than offering a full line-up in every region, Akio Toyoda told his first media conference in the job.

Most of Toyota’s factories around the world are underused as a global recession hammers car sales, sending two of America’s three big car makers into receivership.

Facing a second year of record losses, Toyota aims to cut costs from its already lean operations so it can be profitable using just 70 percent of its factory capacity.

“We want to do everything possible to avoid a third consecutive year of losses,” Toyoda told reporters.

Toyoda said European efforts would focus on hybrid models.

Source/Full Story: Reuters

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