Toyota India confirms compact SUV & C-segment sedan
Toyota is planning to launch a compact SUV and a new sedan that is priced under the Rs. 10 lakh mark in the Indian market. The company states that the...
Toyota is planning to launch a compact SUV and a new sedan that is priced under the Rs. 10 lakh mark in the Indian market. The company states that the reason for the same is because the Etios brand which comprises of the Etios sedan, Liva hatchback and Cross crossover (more of a hatchback though), was never really able to meet customers’ expectations.
The Etios range which acts as the volume driver for the company in India has performed poorly since the very beginning, due to which Toyota has twice failed in meeting its double-digit market share target.According to the managing director of Toyota India, the company at the moment does not intend to splash into the small and medium-sized car segment in the price range of Rs. 3-7 lakh because competing with well-settled manufacturers like Maruti Suzuki, Hyundai and Tata Motors is a big challenge for them.
Toyota is instead focusing on segments that cater to the “affluent middle-class” buyers with a ‘fashionable sedan’ and a ‘compact SUV’. Toyota has only been able to capture a meagre 5 percent market share in India, despite the fact that they are present in the market since 1999. The company is still trying to achieve double digit sales, but their immediate attention lies towards completely utilizing the installed annual capacity of 3.1 lakh units, which is only half used at the moment.