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Toyota announces investment of over ₹2,000 cr in India; refutes reports of suspending expansion plans

Toyota will not suspend its expansion plans in the Indian market, the company has clarified. In a statement on Tuesday, Toyota Motor Corp. said it remains committed to the Indian market and its local unit has announced an investment of more than ₹2,000 crores. 

India TV Business Desk India TV Business Desk
New Delhi Published on: September 16, 2020 10:09 IST
Toyota
Image Source : PTI

Toyota refutes reports of suspending expansion plans

Toyota will not suspend its expansion plans in the Indian market, the company has clarified. In a statement on Tuesday, Toyota Motor Corp. said it remains committed to the Indian market and its local unit has announced an investment of more than ₹2,000 crore. The statement comes after several media reports had earlier claimed an official of the company had said Toyota will halt its expansion plans because of high taxes on cars.

Taking to Twitter, Vikram Kirloskar, vice-chairman of Toyota Kirloskar Motors said, “The future of sustainable mobility is strong here in India and Toyota is proud to be part of this journey. We are investing 2000+ crore towards the electrification of vehicles."

Toyota has two plants on the suburbs of Bengaluru, where it makes cars and utility vehicle models such as the Etios, Innova and Fortuner.

“Toyota Kirloskar Motor would like to state that we continue to be committed to the Indian market and our operations in the country is an integral part of our global strategy. We need to protect the jobs we have created and we will do everything possible to achieve this. Over our two decades of operations in India, we have worked tirelessly to build a strong, competitive local supplier ecosystem and develop strong, capable human resources. Our first step is to ensure full capacity utilization of what we have created, and this will take time," Toyota Kirloskar Motor said in the statement.

“In the wake of the slowdown that has been exaggerated by the COVID-19 impact, the auto industry has been requesting the government for support to sustain industry through a viable tax structure. We remain confident that the government will do everything possible to support industry and employment," Toyota Kirloskar said.

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