Toyota Kirloskar Motor -- a joint venture with the Kirloskar Group -- is the Indian arm of Toyota Motor Corporation. TKM had announced an investment of nearly Rs 1,400 crore (Rs 14 billion) for its second unit at Bidadi near here, for which a foundation stone was laid in July this year.
Japanese auto major announced top level management changes in its Indian arm with Sandeep Singh, Deputy Managing Director slated to move for a new role in its Asia Pacific operations.
Brand Toyota may have taken some beating after the Japanese carmaker had to recall millions of vehiles in the US, but in India the company sees no impact and is eyeing a strong growth.
Leading passenger vehicle maker Maruti Suzuki on Saturday reported marginal growth while Hyundai and Tata Motors posted a decline in their sales in February as a slowdown in the market continued with demand remaining muted. On the other hand, Mahindra & Mahindra and Toyota Kirloskar Motor posted double-digit growth riding on their SUV and MPV models.
The company is currently celebrating the first anniversary of its Camry Hybrid in India during which it has sold 541 units
Toyota on Thursday launched updated versions of its sedan Camry in India.
It is the global leader in car sales but in India, is a distant fifth.
Auto component makers in India are bracing for a tough time. High absenteeism among workers owing to Covid-19, shortages of critical parts, and temporary closures of plants by automobile manufacturers have thrown a spanner in the works for the Rs 3.2-trillion sector, which derives 60 per cent of its revenues from automobile original equipment manufacturers (OEMs), with the balance split equally between replacement demand and exports. Car market leader Maruti Suzuki India on Saturday said it was extending the maintenance shutdown, which was from May 1 to 9, till May 16, "keeping in view the current pandemic situation". Some activities will continue in the plants.
