Toyota seems to be following the footsteps of Suzuki and Hyundai. President of the Japanese auto major Toyota Motor Corporation (TMC), Katsuaki Watanabe, met the Indian Prime Minister Manmohan Singh in Delhi on January 28, at the event of Toyota’s successful completion of 10 years in India.
Though most of the details regarding the meeting are unrevealed, discussions to expand Toyota’s operations in India and to open a second manufacturing plant in the coming years were definitely topics touched upon. Watanabe briefed the PM about TMC in detail.
Indian Commerce and Industry Minister, Kamal Nath, also met the President of Toyota Motor Corporation regarding plans to increase Toyota’s investments here. Toyota also discussed plans of doubling the manufacturing capacity of its existing facility near Bangalore.
TMC runs in India through a joint venture with the Kirloskar Group and the partnership is called Toyota Kirloskar Motor. The group has already rolled out successful models such as the Innova in the passenger carrier segment, the Land Cruiser Prado in the SUV segment, and the Corolla and Camry in the luxury car segment. Toyota enters the compact car segment with plans to capture close to 15 percent of the market by 2015. It formally announced its plans to increase production in India to 2 lakh units by 2010.