New Delhi: Toyota Motor Co expects annual sales of 70,000 units of its new strategically important compact car ‘Etios´ in India as it looks to ramp up growth in the fast-growing market.
“With the introduction of Etios, we hope to attain a sizeable market share in India in the shortest possible time,” said Sandeep Singh, deputy managing director of marketing at Toyota’s local unit, Toyota Kirloskar Motor. Toyota will expand its Indian sales network to 150 dealers by the end of 2010 from the current 97.
Toyota said more than 2,000 engineers in India and Japan worked for four years on the Etios. It did not specify a price range for the new model, which has been expected to sell for well under $10,000.
“India will play a pivotal role in Toyota’s global expansion plans and the time has come for us to strategically accelerate our growth here,” Toyota vice-chairman Kazuo Okamoto said during a media conference at India’s Auto Expo in Delhi.
The Etios, code-named ‘EFC’ for entry family car, is due to go on sale later this year. Toyota, which began producing cars in India in late 1999, is a minor player in Asia’s third-biggest economy, producing just 51,133 cars in 2009.
Production in Brazil is due to start in 2011 at the earliest.