Toyota expects record 2023 sales in India helped by Suzuki ties

Reuters · 09/15/2023 11:32
Toyota expects record 2023 sales in India helped by Suzuki ties

By Aditi Shah

- Toyota Motor Corp 7203.T is on track for record annual sales in India, a senior executive told Reuters, as its partnership with Suzuki Motor 7269.T, which has a portfolio of affordable cars, attracts a set of buyers.

Toyota sold over 160,000 cars in India last year and had sold close to 150,000 by the end of August this year, Atul Sood, vice president of sales told Reuters.

"We are confident of closing this calendar year with our best ever performance and setting a benchmark," Sood said.

Toyota's India business has been the biggest beneficiary of its global partnership with Suzuki which allows the two Japanese carmakers to share technology and vehicles.

Mid-sized vehicles from Maruti Suzuki's MRTI.NS stable such as the Glanza hatchback and Urban Cruiser HyRyder SUV have boosted Toyota's India sales at a time when it is seeing slowing growth in markets like Europe and North America and competition in Southeast Asia from Chinese players.

The Glanza is priced starting at around $8,500 and the HyRyder starts at $13,000 while Toyota's top-selling models such as the Innova Crysta and Fortuner SUV are priced at $24,000 and $40,000, respectively.

Toyota's portfolio in India also includes pricier cars such as the Camry hybrid and the Hilux pickup.

"The HyRyder has given us a set of customers who are majorly upgrading," he said, adding that these buyers are moving up from smaller hatchbacks and SUVs.

"The majority of the demand is coming from a younger profile," he added.

Toyota has over 600 dealerships across India and plans to expand further, especially in smaller cities, Sood said.

(Reporting by Aditi Shah; editing by Jason Neely)

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