Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.

Cars & UVs

11,428.3087.15
Stock Analysis, IPO, Mutual Funds, Bonds & More

Toyota car sales plunge 24% in India in August

Export of its sedan Etios, however, grew 75 per cent to 843 units in the month under review from 481 units a year ago.

IANS|
Sep 01, 2019, 05.29 PM IST
0Comments
Agencies
toyota-agencies
TKM is a subsidiary of Toyota Motor Corporation of Japan for the manufacture and sales of Toyota cars in India.
Toyota Kirloskar Motor (TKM) on Sunday reported a 24 per cent annual decline in car sales for August to 10,701 vehicles from 14,100 during the year-ago month due to economic slowdown.

"The consumer sentiment was muted in August as customers deferred purchasing. Floods across some states also hurt the demand, while unfavourable exchange rate didn't help our cost," TKM deputy managing director N. Raja said in a statement.

Export of its sedan Etios, however, grew 75 per cent to 843 units in the month under review from 481 units a year ago. "We sold 11,544 cars, including export, in August against 14,581 a year ago, registering 21 per cent overall annual decline," said Raja.

"Sale of Glanza vehicles have shown a positive momentum despite the slowdown in the industry impacting our domestic growth," said Raja.

"The government initiative to boost the auto sector growth with cheaper car loans, increasing liquidity through credit expansion to state-run banks, deferring one-time registration fee, higher depreciation for all vehicles and lifting ban on purchase of new vehicles by central and state governments is set to spur demand and growth," he said.

Stating that the latest FDI reforms will boost local manufacturing ando propel growth in the industry, Raja said, "We hope the festive cheer ushers in positive sentiments with better retail sales in the upcoming months."

TKM is a subsidiary of Toyota Motor Corporation of Japan for the manufacture and sales of Toyota cars in India.

Also Read

Cross-badging with Toyota hurts Maruti Baleno sales

Toyota unveils revamped hydrogen sedan to take on Tesla

Toyota aims to eliminate plastic usage in manufacturing process

Toyota launches 'The Happenin' New Yaris'

Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links


Follow us on


Download et app


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service