Toyota Motor Corporation has said it has “no concrete plans” to build a new factory in India, it was reported.
Go deeper with GlobalData
However, TMC is considering launching a new small car to meet rising demand in emerging markets, a company spokesman in Japan told the Associated Press (AP).
AP said the remarks came after the respected Nihon Keizai business newspaper on Monday reported Toyota plans to spend up to JPY50bn ($US413m or EUR317.52m) on a new Indian factory, to be built near the company’s first assembly plant in Bangalore, which makes the Corolla and the ’emerging markets’ Innova minivan.
The second plant would initially produce 100,000 entry-level, family-style vehicles priced at around JPY800,000 ($US6,610; EUR5,080), making them the lowest-priced vehicles in Toyota ‘s lineup, the news agency quoted the paper as saying, noting that it did not reveal the source of its information.
Toyota spokesman Paul Nolasco told the Associated Press that Toyota is always evaluating overseas expansion plans but that no decisions have been made regarding India, where its Bangalore plant produces about 44,500 vehicles a year.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“We don’t have any concrete plans for a new plant in India,” Nolasco told the news agency.
To better penetrate developing markets, Toyota is also considering a smaller, entry-level model, but details have also not yet been set, Nolasco told AP.
