Toyota to bring vehicle financing arm to India

Following its cues from other automakers like Bajaj Auto, Tata Motors, Maruti Suzuki, Hero Honda, Mahindra and Mahindra, Toyota Motor Corporation, Japan, is exploring the feasibility of bringing its vehicle-financing arm ? Toyota Financial Services ? to India, in a bid to accelerate its sales in the country. According to reports in the media, Toyota Kirloskar Motor (TKM) has sent a detailed proposal regarding this initiative to Toyota’s headquarters in Japan, and a final decision is expected to come from there, soon. It is widely believed that the decision comes on account of the financial credit crunch due to tightening of lending norms by banks and other financial institutions in addition to steep interest rates.

According to a senior representative of TKM, Toyota Motor Corporation (Japan) is considerring to bring its finace arm in the country as 60 -70 per cent of their sales in are financed by banks and other financial institutions. He added if the finance outfit comes into operation, it will offer very competitive interest rates to attract its customers.

It has also been learnt that TKM is currently developing the CNG-powered variants of the Innova and the Corolla. Apart from the CNG Innova, Toyota may also launch a smaller MPV in India by en-2009. Like the Innova, the new MPV will be a part of Toyota’s acclaimed IMV project. However, instead of being manufactured in India, the new MPV is likely to be imported in the form of CKD kits from Indonesia, where it’s already being manufactured. Only final assembly will be in India.

Toyota Kirloskar Motor Private Limited is joint venture automotive manufacturer in India selling Toyota brand of cars. Toyota Motor Corporation entered India in 1997 in a joint venture with Kirloskar Group. The first Toyota automobile to be sold was the Qualis which was a rebadged Toyota Kijang in the multi purpose vehicle (MPV) segment in January 2000. The name is said to have been derived by combining quality and service. Due to the high quality, capacity and comfort, it soon became a best seller, selling over 21,000 units and garnering 35 per cent share in the segment .Today ,Toyota Kirloskar sells 4 car models in India. It discontinued the Toyota Qualis to make way for the Toyota Innova, which was launched in India in 2005. The most expensive car from Toyota is a very powerful SUV – the Land Cruiser Prado.

Source:wheelsunplugged.com

Related posts:

1. Toyota considering entering into used car segment Toyota is one of the fastest growing auto companies in the world. The way they have taken on giants like...
2. Toyota to invest Rs 3,200 cr in India Undeterred by a slowdown in car demand, Japanese auto major Toyota said it would almost double its investment for its...
3. Toyota expects to sell 60,000 units in India this fiscal Japanese auto major Toyota is expecting its sales from the Indian market to touch 60,000 units in the current financial...
4. Dangers for Toyota in going cheap Japanese automaker is reportedly developing $5,000 car for India, but shoddy product could damage brand image.Toyota Motor may be looking...
5. Toyota hopes for revival after sinking to No. 3 Toyota Motor Corp., which has sunk to No. 3 in global vehicle sales from pole position, is counting on emerging...