Toyota Motor Corporation is ramping up its India expansion with an aim to debut 15 new and updated models by the year 2030, along with a more aggressive drive into the rural markets.
The changes come as India is becoming one of the main sources of growth for the automaker after it made a record profit locally of $640 million last fiscal year.
The Japanese auto manufacturer is planning to raise its market share from 8% to 10% by the end of the next several years through the launch of new SUVs, pickup trucks, and upgraded models, and by deepening the relationship with Suzuki.
Toyota's future product range will have the company's own models, as well as rebadged Suzuki vehicles, catering to both the luxury and the middle-market segments. In order to fortify the rural market, Toyota intends to present small sales outlets and two-bay workshops that will help accessible services to the less populated areas of towns.
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The $3 billion investment made by the automaker will be used to facilitate the expansion of the southern India plant and set up a new manufacturing unit in Maharashtra, with a total output capacity anticipated to be over one million vehicles per year after the two projects are complete.
India, ranked as the third largest market worldwide for Toyota presently, has turned out to be a vital hub for both domestic sales and exports to Africa and the Middle East.
The corporation is going to keep on using its advantage in hybrid and alternative-fuel technologies with the forthcoming models such as the next-generation SUV from its new Aurangabad plant, thus reinforcing Toyota's leadership in India's changing automotive landscape.
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