Celebrating 25 years of operations in India, Toyota has announced a fresh round of investments in the country to further boost its production capacity. The Japanese carmaker’s India subsidiary, Toyota Kirloskar Motor has signed a Memorandum of Understanding with the Karnataka government to set up a third production facility at Bidadi. The facility, set to be built at an investment of around Rs 3,300 crore, will add a further 1 lakh units per annum to Toyota’s production capacity and is set to be completed by 2026.
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The company’s two existing plants have a total production capacity of 3.42 lakh units per annum.
“The Indian market has always been of great importance to us. We are confident that with the new investments in India, we will further elevate TKM’s role in our global vision for a more promising future by creating sustainable mobility solutions that enrich people’s lives worldwide,” said Masahiko Maeda, CEO of Toyota Asia Region.
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The Innova HyCross will be one of the first models to roll off the line at the new plant.
Toyota says that the new plant will also create up to 2,000 new jobs and could also contribute to the growth of the supplier ecosystem in the region.
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While the plant is still some years away from commencing operation, Toyota has said that one of the models to roll out of the facility will be the Innova HyCross. The more upmarket alternative to the Innova Crysta has proven to be popular with buyers in the country with Toyota even having to stop accepting bookings for the fully-loaded variants due to supply challenges. Bookings for the variants were closed back in April and have yet to resume. The hybrid also still commands a waiting period of over a year. Toyota said that other models would be considered on a case-by-case basis.
The company however did not directly comment on the manufacturing of EVs in India in the near future. Toyota said that it had the technology present in its portfolio in global markets and would bring it to India at the right time. The company however committed to localizing its products in India highlighting that it was locally assembling key components such as engines and gearboxes for many of its cars in the country.
