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How India's SUV fascination is driving Toyota's bottom line in India

Toyota’s Indian subsidiary sees record profits and revenue, driven by hybrid demand and Suzuki alliance. Expansion plans include new plants and regional realignment, as India becomes a strategic hub for Toyota's global operations.

By Ketan Thakkar, Ashutosh R Shyam & Shahkar Abidi

30 Sep 2024

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How India's SUV fascination is driving Toyota's bottom line in India

Backed by strong demand for its hybrid vehicles and incremental output from global alliance partner Suzuki Motor Corporation, Toyota Kirloskar's profits grew by a whopping 240% in the March-ending financial year 2023-24 to ₹4,787 crore or USD 570 million.

The Indian subsidiary of the world's largest carmaker, Toyota Motor Corporation, saw an incremental revenue of ₹22,000 crore in FY24, allowing the top-line to cross ₹50,000 crore for the first time. The total sales during the last financial year was up 66% to ₹56,444 crore or $6.7 billion.

During the year, Toyota Kirloskar more than doubled its production to ...

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