Thursday, 24 May 2012

Toyota to build another brand to sell low value cars, less than $ 6,000 in India



Toyota on Thursday confirmed that the car maker would not sell small cars, less than $ 6,000 in India through its current subsidiary Toyota Kirloskar Motors. Since, the car maker is looking to increase the market share in the growing Indian market, the car maker says we are trying to improve upon the brand image and hence will not launch smaller models through TKM.

The car maker however, hinted that another brand may be launched, through which the smaller cars, less than $ 6,000 will be sold in India, Toyota was eyeing a 2016 entry to the sector.

Japan's biggest automaker began selling its low-cost sedan Etios in India in 2010, but with a price tag of $10,000 it is still expensive compared with cars made by rivals such as Tata Motors, whose Nano sells for as little as $2,900.

Toyota has said it wants to achieve 50 percent of its worldwide vehicle sales in emerging markets from 2015 compared to 40 percent in 2010.

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