INSUBCONTINENT EXCLUSIVE:
BENGALURU: Japanese carmaker Toyota is investing Rs 3,300 crore for a new factory in India, which will take its cumulative investments in
the country to nearly Rs 20,000 crore and add a fresh capacity of one lakh units to its production by 2026.The company joins compatriot
Maruti Suzuki, Korean siblings Hyundai and Kia, and locals Mahindra - Mahindra and Tata Motors in making fresh investments to boost India
capacity.WhileMaruti is investing Rs 50,000 crore by 2030-31, Hyundai will be investing over Rs 20,000 crore over the next decade
Mahindra - Mahindra is investing Rs 10,000 crore for an electric vehicle plant, while Tata Motors will pump in around Rs 24,000 crore by
2027.Toyota, which also partners Maruti Suzuki in India as part of a larger agreement with the latter's parent Suzuki, has been struggling
to meet demand in the market despite starting a third shift this year
There is already a waiting period in excess of one year on variants of certain models such as the Innova Hycross MPV
The shortage has also seen the company halt bookings for the top-end variant of the Hycross, and the CNG version of the Rumion CNG.The new
plant, third for the company's local JV Toyota Kirloskar Motor (TKM), will also come up at its existing manufacturing location outside
The company has a capacity to produce 3.4 lakh units, with which it is catering to demand for its self-badged cars and also the Suzuki
Masahiko Maeda, CEO of Toyota's Asia Region, said the new investments will strengthen the country's share in its global vision
