News By/Courtesy: Lia Jils | 16 Sep 2020 10:38am IST

HIGHLIGHTS

  • Is Toyota Company stop expanding due to heavy taxes?
  • Confirmation declaring that Toyota will invest 2000 crores on electrification of cars in India.
  • Agreement between Toyota Motor Corp and Suzuki Motorcorp.

Today's latest automobile news highlight is that Toyota Kirloskar Motor Vice-Chairman Vikram Kirloskar on Tuesday confirmed that the company will invest over 2000 crore in the coming 12 months and a statement it says that it will stop further expansion in India due to heavy taxes. The company takes priority to utilize existing capacity in India which will take time.

In an interview with Bloomberg, TKM Vice-chairman Shekar Viswanathan says that the company would stop expanding in India due to the fact the government keeps taxes on cars and motorbikes so high. Minister Prakash Javedkar reacted to the statement that the news that Toyota Company will stop investing in India is wrong. Toyota will invest more than 2000 crore in the coming 12 months. Kirloskar also tweeted that they are investing 2000 crores in electrical components and technology for domestic needs and export purposes. He said that they are committed to the future of India so they will put all effort into skills and technology. He also added that the company is seeing a demand increase and the market is going to recover slowly. He also tweeted that Toyota is proud to be part of this journey.

The company has 3.10 lakh units spread across two plants near Bengaluru. The company stated that their first step is to utilize everything that they created. According to Toyota s global strategy the automaker is committed towards its operations in the Indian market. They also try to protect the jobs that they created. They also try to create and develop a good working ecosystem and also to develop human resources. After the COVID-19 catastrophe, they have been requesting the government to create a viable tax structure for support and to sustain the industry. Till now the remain confident that the government will do everything possible to support the industry. They recognize the efforts put by the government to support other sectors and they open to examining this issue despite the challenging situation. The company also started a partnership with Suzuki on sharing technology and best practices and also to support the 'Make In India' initiative and Indian government policy. This helps to enhance the competitiveness of both companies. TKM is a joint company between Toyota Motor Company and the Kirloskar group. In March 2018, the Toyota group and Suzuki made a basic agreement for supplying hybrid vehicles to the Indian market. It is also launching a compact SUV Urban cruiser.

 

This article does not intend to hurt the sentiments of any individual, community, sect, or religion, etcetera. This article is based purely on the author’s personal opinion and views in the exercise of the Fundamental Rights guaranteed under Article 19(1)(A) and other related laws being enforced in India for the time being.

Section Editor: Pushpit Singh | 16 Sep 2020 20:17pm IST


Tags : #automobiles #toyota

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