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Toyota To Roll Out 8 Small Cars In India By 2015
With this move, the company also aims to catch up with auto leaders Volkswagen and General Motors which Toyota lost ground to as the largest carmaker of the world. The company lost its brand value severely mainly due to safety issues inviting hefty fines from US courts. Volkswagen, General Motors and Hyundai have already taken a lead in emerging markets.
Toyota intends to sell half the number of vehicles it produce in emerging markets by 2015 against last year's 45 per cent. Toyota Executive Vice President Yukitoshi Funo said: "In emerging markets, there are four or five automakers vying to take the lead in sales volumes. Particularly in the Southeast Asian region, Volkswagen and others are looking to challenge our lead so we can't be resting on our laurels."
Toyota had launched its entry-level Etios hatchback and sedan models in 2010 with the Etios Liva's price starting at Rs 4.9 lakhs. Toyota plans to build the upcoming cars locally, a move to cut costs by a large margin.
Toyota already sells small cars such as Auris, Avensis, Aygo, Yaris in markets such as United Kingdom.
We will have to wait for more details if the new cars for emerging markets are specs-changed, rebadged small cars which Toyota already have in other markets.
The carmaker also to plans to increase production capacity in emerging markets to 3.1 million vehicles a year, up from 2.38 million in 2010. Interestingly, Toyota has announced plans of the new cars at a time when rivals Hyundai Motors and Nissan are considering ultra-low-cost cars for emerging markets.
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