Toyota expects record 2023 sales in India helped by Suzuki ties
TOYOTA Motor is on track for 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 set of buyers.
Toyota sold over 160,000 cars in India last year and had sold close to 150,000 by the end of August this year, Atul Sood, vice-president of sales told Reuters.
“We are confident of closing this calendar year with our best ever performance and setting a new benchmark,” Sood said.
Toyota’s India business has been the biggest beneficiary of its global partnership with Suzuki which allows the two Japanese carmakers to share technology and vehicles.
Mid-sized vehicles from Maruti Suzuki’s stable such as the Glanza hatchback and Urban Cruiser HyRyder SUV have boosted Toyota’s India sales at a time when it is seeing slowing growth in markets like Europe and North America and competition in South-east Asia from Chinese players.
The Glanza is priced starting at around US$8,500 and the HyRyder starts at US$13,000 while Toyota’s top-selling models such as the Innova Crysta and Fortuner SUV are priced at US$24,000 and US$40,000, respectively.
Toyota’s portfolio in India also includes pricier cars such as the Camry hybrid and the Hilux pickup.
“The HyRyder has given us a new set of customers who are majorly upgrading,” he said, adding that these buyers are moving up from smaller hatchbacks and SUVs.
“The majority of the demand is coming from a younger profile,” he added.
Toyota has over 600 dealerships across India and plans to expand further, especially in smaller cities, Sood said. REUTERS
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