Toyota Motor Corp is poised to achieve record-breaking annual sales in India, according to a senior executive who spoke with Reuters. This success is largely due to the partnership between Toyota and Suzuki Motor, which offers a range of affordable cars that have captivated a new group of buyers.
With over 160,000 cars sold in India last year and almost 150,000 sold by the end of August this year, Toyota’s Vice President of Sales, Atul Sood, expressed confidence in surpassing previous records to set a new industry benchmark.
Toyota’s presence in India has flourished thanks to its global partnership with Suzuki. This collaboration enables the two Japanese automakers to exchange technology and vehicle platforms.
In recent times, Toyota’s India sales have been invigorated by mid-sized vehicles from Maruti Suzuki, such as the Glanza hatchback and Urban Cruiser HyRyder SUV. This surge in sales comes amidst slowing growth in European and North American markets, as well as competition from Chinese manufacturers in Southeast Asia. The Glanza, with a starting price of approximately $8,500, and the HyRyder, starting at $13,000, have proven popular choices, while Toyota’s best-selling models, like the Innova Crysta and Fortuner SUV, are priced at $24,000 and $40,000, respectively. Industry data reveals that Maruti vehicles accounted for about 40% of Toyota’s overall sales in India during the first eight months of this year. Toyota’s portfolio in India also features higher-end vehicles, including the Camry hybrid and the Hilux pickup.
Regarding the new buyers attracted by the partnership, Sood remarked, “The HyRyder has introduced us to a new segment of customers who are predominantly upgrading from smaller hatchbacks and SUVs.” He added, “The majority of this demand is coming from a younger demographic.”
With over 600 dealerships already established across India, Toyota plans to further expand its reach, particularly in smaller cities, as Sood revealed.
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