The entry-level Toyota Innova is selling at a discount of Rs 10,000 to Rs 30,000 in Delhi, Mumbai and Bangalore after failing to garner big bookings.
Toyota Kirloskar Motors, however, clarified that the discounts are being offered by dealers and not by the company.
The ex-showroom price in Bangalore for the petrol version (E version) is Rs 659,000, while in Mumbai the price has come down to Rs 696,000.
Though the product has been a success with a monthly sales of a little over 4,000 units, Toyota Kirloskar officials admitted that the offtake at the top end with G1, G2, G3 and V versions has been better than the entry level.
Since its launch in the last week of February, the Innova underwent its first downward price revision when the company knocked off Rs 14,000 from the list price, to pass on some of the customs duty cut in the Union Budget 2005-06.
Analysts said the discount in entry level models do not come as a surprise owing to lack of features such as power-steering (in the diesel version), power-windows, audio systems or tachometer in the E version. Incidentally, while the top-end Innovas come in six colours, the Innova E version is currently available only in three colours.
In Mumbai, dealers are also willing to take a price cut of Rs 10,000 over and above the Rs 10,000 discount for buyers opt to buy the Innova through an exchange scheme (of any car). Interestingly, Chennai is one of the few prominent markets were dealers are not offering any discount on the Innova.
Despite discounts on the lower-end Innova, this first crossover from the Toyota family has been a major success in the market.
Given the price band in which the Innova was positioned, bookings have been impressive. Within the first 10 days of its launch, Innova managed to receive over 4,000 bookings and steadied at the same volume on a monthly basis.
TKM officials said current bookings stood at around 7,000 units which, based on the monthly demand, translates to around seven weeks sales.
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