Auto giant Toyota said that it will consider launching more small cars and compact SUVs in the Indian market. The company is now looking to make a foothold in these fast-growing segments of the car industry in India.
However, the company stated that the Indian market lacks a clear cut government policy related to the auto industry, such as the fuel policy and import tariff. Due to this, the company is now adopting a wait and watch policy before it decides to set up a new diesel engine plant in the country.
Toyota is also looking to launch more hybrid cars. Satoshi Ogiso, Toyota Motor Corporation Managing Officer said, “If you look at our portfolio in India, we have just one small car, Liva. We need more if we have to have big volumes in a fast growing market like India”. However, the company has not shared any details of the future models in the country yet.
Ogiso added that, on a global scale, the compact SUV segment is becoming more and more popular and the same trend is visible in the Indian market also. The Indian customer today is very much aware of the international trends. Regarding the company’s long-term ambitions in India, Toyota now plans to watch out for a clear cut government policy before it makes any further decisions.