Japan’s Toyota Motor Co. is looking to introduce a small car in India in two years, said Fujio Cho, chairman of the Japanese car maker. The company may first make the small car in India and then in other countries.
We are “thinking about several countries, but maybe first production here,” said Cho, who’s part of the delegation accompanying Japanese premier Shinzo Abe.
Mint had first reported on 9 April that Toyota’s Indian unit plans to launch a compact car by late 2009.
Cho also indicated that Toyota’s planned second factory may be built in Bangalore. “Plenty of room in Bangalore. If we decide ...new plant to make new capacity, we will build in current facility,” Cho said. Toyota has 435 acres of land at Bidadi, on the outskirts of Bangalore, where it makes the Innova utility vehicles and Corolla sedans.
The company has stated previously that it wants to corner a 10% marketshare in India by 2010 and 15% by 2015. Currently, its share is less than 4%.
An 8% economic expansion is boosting vehicle sales in India and demand is set to cross three million units a year by 2015, according to the Society of Indian Automobile Manufacturers.