Toyota Motor Corporation (TKC) is planning to hit the Indian roads with a bunch of new cars very soon. Toyota is all set to launch its next generation Corolla and new compact off-roader Fortuner this year.
The new Corolla will bear a price tag of Rs 10-14 lakh range and will compete with the recently launched Volkswagen Jetta and Honda Civic. The Toyota Fortuner will cost within the range of Rs 15-19 lakh and will be opposed against the Maruti’s Grand Vitara, Honda CRV, Ford Endeavour and General Motor’s Captiva.
Hiroshi Nakagawa, Toyota’s newly appointed India head said, “We aim to become a full-range car company in the next few years, and, realistically, it’s a big task. We are finalizing plans to introduce several new vehicles from our stable, aiming a much higher market share in India than the current 3%. The new vehicles will be both imported and locally manufactured at our Bangalore facility.”
He also added that, the company is looking at products across the segments, including the luxury marquee Lexus and compact car Diahatsu that could hit the market in the next few years. We are in the final lap of bringing in new vehicles in the premium segment. The volume generating small car segment will be rolled out sometime in 2010.
However, Toyota’s Corolla and Innova has a joint venture in India with Kirloskar Group, which has sold 52,000 vehicles in the last financial year. The auto manufacturer is expanding its operations at the Bangalore site to 1.6 lakh by 2010, and is set to launch its new small car. So Toyota is finalizing its vendor support and will commence many of its component-manufacturing subsidiaries in India.