Toyota Motor Corporation has committed investment of over Rs 1000 crore in its Indian subsidiary, Toyota Kirloskar, in next couple of years. It will also invest in a new engine plant and new projects like The carmaker is also mulling to introduce Daihatsu brand, a Toyota subsidiary that makes small cars and compact utility vehicles, in India.
In an exclusive interview with Economic Times, Toyota Motor Chairman TakeshiUchiyamada said, “We can expect a lot of growth and development in India. As for our investment, the latest investment has gone into the new engine manufacturing units, which will start operation next year and there is a plan for a new model change, which will call for further investment in India.”
If everything goes as planned,
Toyota Kirloskar has made profits of over Rs 500 crore in FY-15. This year, the carmaker did not launch new vehicles, but concentrated on building a brand franchise.
The company has plans to rely on the all new Innova, which is planned for first half of 2016, and Fortuner, which will come during 2016 festive season.
Reportedly, Toyota is planning to produce about 90,000 units of Innova annually and 30,000 units of Fortuner.
In a market that grew by 7% in the first four months of this fiscal year,
Also, Toyota plans to increase the average localisation to over 85% in the coming few years, from 65-70%.
(Image: Reuters)