Toyota (TYO:7203) is relying on its smallest Land Cruiser yet to hold ground in Asia as Chinese automakers expand rapidly across the region, Bloomberg News reported Tuesday, citing Chief Engineer Masaya Uchiyama.

The Land Cruiser FJ, priced from about $28,500 and designed for Asia's narrow roads, is exceeding sales targets in Japan and performing well in overseas markets, Uchiyama told the news outlet.

It launched in March in Thailand, where it is built, as Chinese brands like BYD (HKG:1211, SHE:002594) gain traction in Southeast Asia with affordable electric vehicles, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)