NEW DELHI, Sept 15 – Toyota Motor Corp is on track to achieve record annual sales in India, a senior executive told Reuters, as its partnership with Suzuki Motor, which has a portfolio of affordable cars, attracts a new group of buyers.
Toyota sold more than 160,000 cars in India last year and nearly 150,000 by the end of August this year, Atul Sood, vice president of sales, told Reuters.
“We are confident that we can close this calendar year with a stellar performance and set new benchmarks,” Sood said.
Toyota’s India business is the biggest beneficiary of its global partnership with Suzuki, which allows the two Japanese automakers to share technology and vehicles.
Mid-size vehicles from the Maruti Suzuki stable, such as the Glanza hatchback and HyRyder Urban Cruiser SUV, have boosted Toyota’s sales in India, at a time when the automaker is seeing slowing growth in markets like India, Europe, North America and other countries. they face competition from Chinese players in Southeast Asia.
The Glanza is priced at around $8,500 and the HyRyder starts at $13,000, while Toyota’s best-selling models like the Innova Crysta and Fortuner SUV are priced at $24,000 and $40,000 dollars respectively.
Toyota’s portfolio in India also includes more expensive cars such as the Camry hybrid and the Hilux pickup.
“HyRyder has allowed us to attract a new class of customers moving forward,” he said, adding that these buyers are moving away from small hatchbacks and SUVs.
“The majority of inquiries come from a younger profile,” he added.
Toyota has more than 600 dealers in India and plans to continue expanding, especially in smaller cities, Mr. Sood. (Reporting by Aditi Shah; Editing by Jason Neely)
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