Toyota to expand product portfolio

Toyota plans to launch the new-generation Corolla saloon in India in early September and its much-awaited Fortuner SUV later this year. The company is looking at products across the segments, including models from its Lexus and Daihatsu brands. Priced in the Rs 10-14 lakh range, the new Corolla will be pitted against the newly-launched Volkswagen Jetta and Honda Civic. The Fortuner, which will be priced between Rs 15-19 lakh, will compete with Maruti’s Grand Vitara, Honda CR-V, Ford Endeavour and the Chevrolet Captiva. In the last fiscal Toyota, which has a joint venture with the Kirloskar Group, has sold 52,000 vehicles. It plans to expand the Bangalore facility to 1.6 lakh vehicles by 2010. Toyota is finalising its vendor base and will start many of its component-manufacturing subsidiaries in India. One such subsidiary, Tokai Rika is already setting up a Rs 100-crore greenfield joint venture with Delhi-based component maker NK Minda Group to manufacture seatbelts, auto locks and engine immobilisers for Toyota's planned small car. According to Hiroshi Nakagawa, Toyota’s new India head, “Toyota is closely working with the Indian auto-component industry and looking at increasing their cost competitiveness.”