"There are no such plans," a Toyota spokesman said after the Asahi Shimbun report.
The Asahi said the company would create a new brand for the low-price vehicle in a bid to avoid devaluing the Toyota name, the daily said, without naming sources, adding Toyota was eyeing a 2016 entry to the sector.
Japan's biggest automaker began selling its low-cost sedan Etios in India in 2010, but with a price tag of $10,000 it is still expensive compared with cars made by rivals such as Tata Motors, whose Nano sells for as little as $2,900.
Toyota has said it wants to achieve 50 percent of its worldwide vehicle sales in emerging markets from 2015 compared to 40 percent in 2010.
Source: AFP
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