Toyota has said its Indian unit will start making a profit in the fiscal year ending March 31, 2004 as sales of its Qualis utility and Corolla and Camry sedans increase, according to Bloomberg News.
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Sales at its Toyota Kirloskar Motor Pvt. unit this year will rise 59% to 27 billion rupees ($US579.4 million), Shripad Bhat, a spokesman for the unit in New Delhi, reportedly said but didn’t give a profit estimate.
Bloomberg News noted that General Motors, Ford and other vehicle makers are increasing sales of cars and utility vehicles in Asia’s fourth-biggest market behind Japan, China and South Korea as rising urban incomes and record low interest rates spur demand for vehicles.
Only six in 1,000 people own a car in India, half the number in neighbours Sri Lanka and Pakistan, the report added.
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