Toyota Kirloskar Motor registers best-ever annual sales in CY2023: 221,356 units

Toyota Kirloskar Motor (TKM) has reported domestic market sales of 221,356 units, up 38% YoY (CY2022: 160,364 units). This is the car and SUV manufacturer’s best-ever annual sales performance.

The company’s strong performance has been helped by the enhanced production capacity through three-shift operations, which has enabled TKM to meet sustained market demand for its passenger vehicles. TKM, which has two plants at Bidadi in Karnataka with a combined manufacturing capacity of 310,000 units per annum, has now bumped up annual output to 400,000 units with the third shift.

One of the highlights of CY2023 was in November 2023, which marked 25 years of Toyota Kirloskar Motor’s operations in India – the signing of an MoU on November 21 with the government of Karnataka for the next round of investment of Rs 3,300 crore. This involves setting up of a third plant in Bidadi, which will expand production capacity by 100,000 units annually.

While demand for the popular Innova Crysta and Hycross MPVs remains strong, the butch Fortuner SUV has its fair share of buyers. What has also helped Toyota in India is its global partnership with Suzuki. Rebadged Maruti Suzuki models like the Glanza hatchback, Urban Cruiser Hyryder and more recently the Rumion MPV now account for a third of TKM’s sales.

Commenting on the robust sales momentum, Atul Sood, Vice-President of Sales and Strategic Marketing at Toyota Kirloskar Motor, said: “2023 was tremendous for TKM, both in terms of volume sold as well as rolling out several customer-friendly initiatives such as complimentary Roadside Assistance Program for five years. The consistent month-on-month performance, coupled with a year-round upward trend, indicates a growing customer interest in all our line-up of cars. Popular models, including the Innova Hycross, Urban Cruiser Hyryder, New Innova Crysta and the Glanza remain instrumental in driving our growth. Our customer connect events such as the ‘Great 4X4 Expedition by Toyota’ have also enhanced the enduring appeal of SUV models such as the Hilux, Fortuner and Legender. The Camry Hybrid is continuing to make positive contributions to our growth numbers. Recent launches of the new Vellfire and Rumion also enabled us to close the year on a record high.”