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Toyota To Invest ₹ 2000 Crore In India

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Just days after saying that due to the high tax structure on automobiles in India it will not scale up operations, Toyota Kirloskar Motor has now announced that it will be investing more than Rs. 2000 crore in India.

At present, Toyota utilises just 20 per cent of its capacity at one of its two plants in Bidadi expand View Photos
At present, Toyota utilises just 20 per cent of its capacity at one of its two plants in Bidadi

Highlights

  • Toyota says it will be investing more than Rs. 2000 crore in India
  • But, the company is not happy with the high tax structure on automobiles
  • Toyota began its India operations back in 1997

It was just a couple of days ago that a report cited Shekar Viswanathan, vice-chairman, Toyota Kirloskar Motor, saying that the high tax structure on automobiles in India makes it difficult for manufacturers to scale up operations. While Viswanathan said that Toyota Kirloskar Motor will not scale up its operations in India, the company will not exit India either. At present, Toyota utilises just 20 per cent of its capacity at one of its two plants in Bidadi, Karnataka. However, the company has now announced that it will be investing more than ₹ 2000 crore in India.

Also Read: Toyota Seeks Viable Tax Structure From Government Of India

Masakazu Yoshimura, Managing Director, Toyota Kirloskar Motor said, "Toyota Kirloskar Motor continues to be deeply committed to India and its national objectives. We have firm belief in the core strength of the country's economic growth potential and are fully committed for continually working towards contributing to the economic development. As part of these efforts, Toyota Group in India is targeting to invest over Rs 2000 crore in India in the coming years on technology and electrification, both for the domestic and the exports market. We reaffirm that TKM intends to make all efforts to promote and introduce newer, cleaner and world-class technologies and services in the market."

Also Read: Toyota Urban Cruiser Launch Date Revealed

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Currently, Toyota is gearing up to launch its first subcompact SUV in India - the Urban Cruiser

Vikram Kirloskar, Vice Chairman, Toyota Kirloskar Motor, had told carandbike back in April 2020 that we will get to see hybrid cars come way down the line, closer to 2022. In fact, we were told that by 2025, there will be more hybrids on offer and that technology will be available in smaller cars. So of course, localising these components will definitely.

Also Read: 37 New COVID-19 Positive Cases Recorded At Toyota's Bidadi Plant Last Week

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In fact, speaking to Siddharth Vinayak Patankar, Editor-In-Chief, carandbike on a Freewheeling with SVP webisode, Naveen Soni, Senior Vice President, Sales & Service- Toyota Kirlosakar Motor said, "There are three main things in an electrified (Hybrid) or electric vehicle- battery, electric and controller. We are also telling the government if we can localise these things then what will happen is irrespective of what you want to make out - electric, mild hybrid, plug-in hybrid (PHEV) or fuel cell vehicle, future will be of electrified vehicles."

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