Toyota is going to reduce car prices and make smaller cars to attract people.
Toyota is a Japan-based car manufacturer that is renowned all over the world. For the company, India is placed in the top 10 markets rated globally, with the company being India’s 4th largest carmaker. According to the new managing director of Toyota, Mr. Masakazu Yoshimura, Toyota will bring the company’s electric car line up to India along with hybrid cars to counter the rise in pollution.
According to Yoshimura, India possesses complexities when it comes to geography because each state has its own taxes and regulations along with the diversified demands of customers. It is the company’s duty to observe, understand and carefully cater to the needs in return.
Toyota does accept it’s slow reaction to changes and should be able to make faster decisions. But without understanding the competitors, tackling them would become difficult. The company finds it tough to commit investments with the fast-changing government regulations due to the rigidity. They are working towards becoming flexible.
Toyota’s partnership with Suzuki is on a global scale, and they want to provide the feel of Toyota, with Suzuki’s cost structure. They are looking at upgrading the Etios and Liva along with new small car options. The Japanese carmaker knows that their products are highly priced and they want to bring down the cost so as to attract the younger generation. They believe that bringing down the cost would provide better accessibility to the customers. There will be a new Toyota EV which would be imported completely and later would be made locally if infrastructure improves.
Toyota Car Prices
– Toyota-Suzuki partnership aims to reduce the cost of production
– Current high prices attract fewer customers, so Toyota is attempting to bring down its costs
– India can break into top 3 markets globally for Toyota
Source – EconomicTimes.IndiaTimes.com