Bengaluru: Japanese car manufacturer toyota It is investing Rs 3,300 crore for a new factory in India, taking its cumulative investment in the country to about Rs 20,000 crore and adding one lakh new capacity to its production by 2026.
Company joins compatriots Maruti Suzuki, Korean siblings Hyundai and did, and local Mahindra & Mahindra and Tata Motors are making new investments to boost India’s potential. While Maruti is investing Rs 50,000 crore by 2030-31, Hyundai will invest over Rs 20,000 crore in the next decade. Mahindra & Mahindra is investing Rs 10,000 crore for the electric vehicle plant, while Tata Motors will invest around Rs 24,000 crore by 2027.
Toyota, which is also a partner in India under a mega agreement with Maruti Suzuki’s parent company Suzuki, is struggling to meet demand in the market despite starting its third innings this year. As some variants of models already have a waiting period of more than a year Innova Highcross MPV. Due to the shortage, the company has also stopped booking the top-end variants of the Hycross and the CNG version of the Rumion CNG.
The new plant, the third for the company’s local joint venture Toyota Kirloskar Motor (TKM), will also be set up in Karnataka at its existing manufacturing location outside Bengaluru. The company currently has a capacity to produce 3.42 lakh units, with which it is meeting the demand for its self-badged cars and Suzuki cross-badges like the Invicto (HighCross twin) and Grand Vitara (Hyder twin).
Masahiko Maeda, CEO of Toyota’s Asia region, said the Indian market is of great importance to the company and the new investment will strengthen the country’s stake in its global vision. TKM MD and CEO Masakazu Yoshimura said the new investment will help create an additional 2,000 new jobs and drive adoption of advanced clean technologies. “We will continue to work closely with the government to develop a world-class local ecosystem that promotes the best solutions for India by focusing on improving energy security, boosting economic growth and achieving carbon neutrality. “
Toyota and its group of companies have invested Rs 16,000 crore in India in the last 25 years. Last year, TKM and Toyota Kirloskar Auto Parts (TKAP) had signed a memorandum of understanding (MoU) with the Karnataka government for an investment of Rs 4,100 crore, aimed at driving deep cuts in CO2 emissions and increasing electrification and green technologies. Changes had to be made at a rapid pace.
The new investment comes after a period of 13 years when the company set up a second plant in Karnataka in 2010 where it now manufactures models like Camry Hybrid, Hyundai and Hilux. The company’s first plant, which went into production in October 1997, produces the HiCross, Innova Crysta, Fortuner and Legender.
Vikram Gulati, VP (Corporate Affairs & Governance) said the company is excited about the prospects for sales in India and localizing its supplier base in the country.
Atul Sood, TKM vice president for sales and strategic marketing, said the company has sold 1.83 lakh units in the January-October’23 period, giving a growth of 33% year-on-year. “We are seeing strong demand for our products and will finish the year with record sales.”
Company joins compatriots Maruti Suzuki, Korean siblings Hyundai and did, and local Mahindra & Mahindra and Tata Motors are making new investments to boost India’s potential. While Maruti is investing Rs 50,000 crore by 2030-31, Hyundai will invest over Rs 20,000 crore in the next decade. Mahindra & Mahindra is investing Rs 10,000 crore for the electric vehicle plant, while Tata Motors will invest around Rs 24,000 crore by 2027.
Toyota, which is also a partner in India under a mega agreement with Maruti Suzuki’s parent company Suzuki, is struggling to meet demand in the market despite starting its third innings this year. As some variants of models already have a waiting period of more than a year Innova Highcross MPV. Due to the shortage, the company has also stopped booking the top-end variants of the Hycross and the CNG version of the Rumion CNG.
The new plant, the third for the company’s local joint venture Toyota Kirloskar Motor (TKM), will also be set up in Karnataka at its existing manufacturing location outside Bengaluru. The company currently has a capacity to produce 3.42 lakh units, with which it is meeting the demand for its self-badged cars and Suzuki cross-badges like the Invicto (HighCross twin) and Grand Vitara (Hyder twin).
Masahiko Maeda, CEO of Toyota’s Asia region, said the Indian market is of great importance to the company and the new investment will strengthen the country’s stake in its global vision. TKM MD and CEO Masakazu Yoshimura said the new investment will help create an additional 2,000 new jobs and drive adoption of advanced clean technologies. “We will continue to work closely with the government to develop a world-class local ecosystem that promotes the best solutions for India by focusing on improving energy security, boosting economic growth and achieving carbon neutrality. “
Toyota and its group of companies have invested Rs 16,000 crore in India in the last 25 years. Last year, TKM and Toyota Kirloskar Auto Parts (TKAP) had signed a memorandum of understanding (MoU) with the Karnataka government for an investment of Rs 4,100 crore, aimed at driving deep cuts in CO2 emissions and increasing electrification and green technologies. Changes had to be made at a rapid pace.
The new investment comes after a period of 13 years when the company set up a second plant in Karnataka in 2010 where it now manufactures models like Camry Hybrid, Hyundai and Hilux. The company’s first plant, which went into production in October 1997, produces the HiCross, Innova Crysta, Fortuner and Legender.
Vikram Gulati, VP (Corporate Affairs & Governance) said the company is excited about the prospects for sales in India and localizing its supplier base in the country.
Atul Sood, TKM vice president for sales and strategic marketing, said the company has sold 1.83 lakh units in the January-October’23 period, giving a growth of 33% year-on-year. “We are seeing strong demand for our products and will finish the year with record sales.”
(TagstoTranslate)Toyota Motors(T)Toyota(T)Maruti(T)Kia(T)Innova(T)Hindai