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“We are looking at exporting 20,000 units of Etios series annually,” said Hiroshi Nakagawa, MD, TKM. Its Bangalore plant will cater to the production requirements. The models for export will be based on the Etios platform currently sold in India, but will be developed and produced to fit the lifestyles, consumer preferences, climate, road conditions in South Africa. Etios will mark Toyota’s first vehicle exports from India, the company had earlier said.
The company also plans to introduce its Lexus range of luxury sedans and sports utility vehicles in the Indian market in two years. “We are carefully studying what models suit the Indian market. A decision on which model would be launched first is yet to be taken. But we would start rolling out the Lexus brand here in 2013,” said Nakagawa.
Toyota’s Lexus brand, around for more than two decades now, is in the ranks of BMW, Mercedes-Benz and Audi globally. The decision to bring it to India is based on the growing demand for luxury cars here.
On the domestic market conditions, he said inflation, high interest rates and fuel price hikes have slowed its growth. However, the demand for its launched Etios and Liva shielded TKM from coming into the slower growth zone. “TKM’s business has not been impacted and its market share doubled to six per cent this year due to demand for Etios and Liva models,” he said.
TKM sold 3,943 units of Etios and 4,328 units of Liva in November 2011. Among others, it will look to increase the localisation of Etios to protect the margins from eroding due to fluctuations in the currency value. Localisation is about 70 per cent at present and the company is hopeful of increasing it to 90 per cent next year, he said.
TKM is also setting up a new engine plant and a transmission facility in Bangalore.
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