Toyota Reaches Milestone of Manufacturing 300 million Cars, Planning Third Factory in India
According to a media report, in September this year, Toyota had achieved the manufacturing figure of 30 crore cars. Of these, more than 18 crore units have been manufactured by the company in its factories located in Japan and many other countries. Among these, Corolla has the maximum units of more than 53 crores. This sedan was first launched in 1966 and has undergone many changes since then. It is among the most popular cars worldwide. However, challenges have increased for Toyota over the past few years, including electric vehicles (EV).
To meet the increasing demand in India, Toyota has planned to set up a third plant. The company has two plants near Bidadi and Bengaluru in Karnataka. Toyota expects sales to grow rapidly in India, the world's third largest automobile market. It also plans to launch a new SUV in the country. The company's annual production capacity in the country is about four lakh units. This also includes models sold under the brand of Maruti Suzuki. The company will be able to increase its production capacity by 30 percent with the third plant.
The world's largest car maker in terms of production volume dominates the passenger vehicle segment in the international market but the company's sales in India are not high. Its models like Fortuner hold a big share in its segment but its position is weak in the small car segment. Recently, Toyota had demanded the central government to reduce the tax on hybrid cars. The company argues that hybrid cars cause less pollution as compared to petrol cars but the policy is not in their favor. Hybrid cars are taxed at 43 percent in the country. In comparison, there is a 48 percent tax on petrol-powered cars. Only five percent tax is applicable on EV.
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Automobile, Manufacturing, Toyota, Electric vehicles, Market, Demand, Factory, Tax, Government, Corolla, Prices
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