Toyota shakes up corporate structure

Toyota Motor Corp announced an overhaul of its corporate structure on Wednesday as the world's biggest-selling carmaker seeks to streamline decision-making and improve the way it manages its production as output hits record highs.

Effective April, the number of business divisions will be increased to nine from the present four, with the aim of creating a company "built around product-based rather than function-based organizations," it said in a statement. Three new divisions will separately focus on compact, mid-size and commercial vehicles, alongside divisions dedicated to connected cars and to research and engineering.

The company will maintain its premium Lexus division, along with its two region-based divisions overseeing geographical markets, while it will also have a dedicated power trains division.