Toyota recently denied claims of producing a $6,000 car for the Indian market. The Etios is the company top-selling car in India, despite the $10,000 price. (Photo : Reuters)
Toyota Motors annouced on Thursday that was not ready to take on India and produce $6,000 cars, despite media speculation.
Instead, the auto maker announced plans to expand its market base in India and introduce its latest cars to explore further possibilities of making its mark in the auto market. As car market grows in India, Toyota Motors is set with a new set of goals to introduce SUVs, crossovers very soon to the market.
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The Asahi Shimbun Newspaper, reported Toyota Motors planned to produce the incredibly inexpensive cars in India. The topic attracted lots of discussions in the international platform. Toyota Motors denied the claims.
Toyota Motors already has a considerable market share in India. Its compact hatchback Etios is one of the top selling cars in the auto market. Yet its $10,000 pricetag makes it a highly expensive car among the rest of the other competitive compact size cars.
Tata Motors has been selling its latest compact Nano at $2,900. Toyota Motors has been charting out new strategies to explore the affordable car market in India.
Toyota Motors wants to achieve 50 percent of its worldwide vehicle sales in the emerging markets from 2015 onwards compared to 40 percent in the 2010.