Wednesday, July 13, 2005
Toyota launches Daihatsu in India
Toyota already has a huge brand equity to its name in the Indian market with their highly popular Qualis utility vehicle. The branding was further strengthened with the amazing Innova, which still has a long waiting list with dealers even after months of its launch. The company is now planning to open a new plant in India to complement its already production plant. Toyota is now planning to invest around Rs 387 crore in collaboration with its mini-vehicle making arm Daihatsu. The main aim of this venture is to develop a compact car for the Indian market, which is already crowded with brands like Maruti, Hyundai and to some extent Tata Motors. The model is expected to be based on the 1-litre-class car based on the Passo model that Toyota and Daihatsu co-developed. Toyota aims to produce around 100,000 small cars a year and is looking for possible locations for the plant. Daihatsu which is the second-largest mini vehicle maker after no. 1 brand Suzuki in the Japanese market is expected to independently manage and operate the new plant though the local operations would be taken care in collaboration with the parent company Toyota. India is a huge market for such small cars with value for money being the top priority for a new buyer in the auto market.