28-September-2020
Corporate News
 
After saying NO, Toyota Motor says YES to expansion in India
16-Sep-2020

Toyota Motor Corp. said on Tuesday that it remains committed to the Indian market and its local unit announced an investment of more than Rs.2,000 crore, just hours after a report cited a top company official as saying that the company will halt its expansion plans because of high taxes on cars. “The future of sustainable mobility is strong here in India and Toyota is proud to be part of this journey. We are investing 2000+ crore towards the electrification of vehicles," Vikram Kirloskar, vice-chairman of Toyota Kirloskar Motors, the local unit of Toyota, said in a post on Twitter. This followed a Bloomberg report earlier in the day citing Shekar Viswanathan, vice-chairman of Toyota Kirloskar, that said the company won’t expand further in India due to high taxes, which makes it difficult for automakers to achieve economies of scale.

News Source:- https://www.livemint.com/companies/news/after-saying-no-toyota-motor-says-yes-to-expansion-in-india-11600216353988.html