Toyota has denied reports that the company plans to sell cars priced around US$6,000 in India in order to boost its market share.
“There are no such plans,” a Toyota spokesman told Economic Times of India.
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The Asahi Shimbun, citing unnamed sources, had said Toyota was likely to create a new brand for a lower priced car to avoid devaluing the brand. It added that Toyota was planning a 2016 entry into the low cost sector.
Toyota’s current lowest priced model, the Etios, sells for $10,000 – far more than Tata Motors’ $2,900 Nano.
