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Why Toyota Focuses On Alternate Fuel Powered Cars Instead Of EVs In The Indian Market - Better Option?
India is one of the top countries that import a large amount of crude oil globally. The growing automotive market in the country is expected to contribute to an even higher demand for petrol and diesel, which will impact the government's finances.
The central government is aware of this challenge and has been actively promoting alternative fuel technologies citing its advantages. Toyota is known for its disruptive engineering and is well-versed in these technologies.
As per the data from the oil ministry's Petroleum Planning & Analysis Cell, India spent around $158.3 billion to import crude oil in 2022-23, which was $120.7 billion in 2021-22. Using ethanol or other blended fuels will help to reduce these costs.
In November 2022, Toyota introduced India's first Ethanol-ready flex fuel hybrid car, which can run on ethanol. TKM offers a variety of car models with different types of engines, including petrol, diesel, CNG, and hybrid, giving customers a wide range of choices and promoting sustainable transportation options.
According to Vikram Gulati, Senior Vice President, "As far as cars are concerned, small cars -like an intra-city taxi is viable for electric right now, but for majority of cars, whether private or fleet, the choice goes back to either using alternate fuels or electrified approach through strong hybrids."
However, Toyota is closely monitoring the progress of electrification in India, which has been quite promising. The EV segment has grown significantly in the past few years, with more models available in different price ranges.
Toyota is happy with the positive feedback and strong demand for their new and existing car models. They have recently introduced models like the Urban Cruiser Hyryder, Innova Crysta Hycross, and Hilux, which have been well-received.
Thoughts On Toyota's Alternative Fuel Strategy
Toyota's alternative fuel strategy reflects its commitment to exploring sustainable mobility solutions accessible to the larger mass, along with the understanding of evolving automotive trends. Toyota aims to deliver a solution that can benefit all tiers of commuters.
Can alternate fuels be a disruptive solution? Only time will tell. The tech is still at an infant stage and might take years to develop and more years to get supplied.
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