Toyota Kirloskar Motor targets premium segment growth in India

Toyota Kirloskar Motor targets premium segment growth in India

Toyota Kirloskar Motor is adapting to evolving customer preferences in India by expanding its portfolio with more premium models. The company aims to

Toyota Kirloskar Motor is gearing up to introduce more premium models in India, capitalising on the growing preference for larger vehicles in the market.

Toyota Kirloskar Motor is set to introduce more premium models in India as customers show a growing preference for larger vehicles in the market. The company, known for models like the Innova and Fortuner, recently launched the entry-level SUV Urban Cruiser Taisor, expanding its range in the country.

According to a report by PTI, Tadashi Asazuma, Deputy Managing Director (Sales and Marketing) at Toyota Kirloskar Motor, stated that the company aims to cater to diverse customer requirements in the market. Asazuma noted that Toyota plans to offer models with various powertrains, including hybrid and battery electric vehicles, in its portfolio in India.

Asazuma highlighted the shift in customer preferences from small cars to larger vehicles as a key factor driving the company’s expansion plans. Toyota is even increasing its production capacity with a new manufacturing plant to accommodate new models.

Regarding the introduction of more premium cars, Asazuma stated, “We think it should be necessary.” He mentioned that the new plant in Bidadi, expected to start production in 2026, is part of the company’s preparation to meet customer demand.

Meeting the market demands

The share of SUVs in Toyota’s overall sales has risen to 50 per cent in FY24, while the share of entry-level and sedan models has declined. Asazuma indicated that Toyota has a range of technologies available and is focused on meeting customer requirements. He emphasised that, for now, strong hybrid vehicles are seen as a practical solution for the Indian market, but the company is open to considering battery electric vehicles (BEVs) based on evolving customer demands.

Also Read : Twin sales record by Toyota in India; Fortuner, Innova remain hot favourites

Asazuma declined to provide a timeframe for introducing Toyota’s first BEV in India. He emphasised the importance of the Indian market for Toyota globally and expressed the company’s commitment to growing along with the Indian auto market, now the third-largest globally.

The introduction of the Urban Cruiser Taisor, Toyota’s version of Maruti Suzuki’s Fronx, is expected to attract more customers to the brand. Additionally, Toyota Kirloskar Motor has launched a new scheme for online sales, currently being piloted in Bangalore with plans for a wider rollout if successful.

Masakazu Yoshimura, Managing Director and CEO of TKM, highlighted the Indian market’s significance for Toyota, emphasising the company’s focus on localization, developing a skilled workforce, and achieving carbon goals in its business strategy for India.

Yoshimura added, “This emphasis was further underpinned by the recent creation of a new region where the Indian market plays an even more crucial role.” Looking ahead, the company’s business strategy in the market will be to continue to focus on contributing to national priorities of localisation, developing a highly skilled workforce, and achieving carbon goals.

First Published Date: 04 Apr 2024, 06:22 AM IST

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