Toyota Kirloskar Motor rides SUV-MPV demand, sells 20,542 units in October

Toyota Kirloskar Motor (TKM) continues to maintain its strong growth trajectory, thanks to the surging wave of demand for SUVs and MPVs. The Bengaluru-based OEM has reported another month of strong sales – October 2023 domestic market wholesales at 20,542 units are a robust 57% year-on-year increase (October 2022: 13,068 units).

October is the fourth month in a row that sales have surpassed the 20,000-unit mark in the ongoing fiscal year. Cumulative sales for the April-October 2023 period are 135,080 units, which makes for 29% YoY growth (April-October 2022: 104,497 units). TKM has, like some other OEMs, rolled out attractive service benefits and new purchase deals across its dealerships, a move which has paid dividends.

With five months still to go for FY2024 to come to a close, TKM has already clocked 78% of its record FY2023 sales of 173,245 units.

Over the past two years, the company has seen demand grow strongly for its products – in FY2023, TKM sold a total of 173,245 units, up 40% YoY and its best-ever sales in India. Now, with five months still to go for FY2024 to close, the company has already clocked 78% of its record FY2023 sales. Given the current pace of demand for its range of products, it could be surmised that Toyota is headed towards registering record sales in the region of 235,000 to 250,000 units in FY2024.

What is helping the Japanese car and SUV maker is the enhanced production capacity through three shift operations, which has enabled TKM to meet the ever-growing market demand. TKM, which has two plants at Bidadi in Karnataka with a combined manufacturing capacity of 310,000 units per annum, has now bumped up to 400,000 units with the third shift.

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 sales momentum, Atul Sood, Vice-President of Sales and Strategic Marketing at Toyota Kirloskar Motor, said: “This year, the offtake of festive season has been very strong for both TKM and well as the industry. In October, our sales were mainly driven by the festive season push along with the strong market acceptance of the entire product line-up. This upward pattern is resulting in TKM delivering consistent results with fresh bookings remaining strong. Further to models such as the Urban Cruiser Hyryder, Innova Hycross and Hilux, the recent additions of the new Vellfire and the Rumion MPVs have contributed to the positive booking trend. Given the strong market sentiment around Diwali, we remain confident of a very buoyant performance in the coming months as well.”

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