Financial Daily from THE HINDU group of publications
Friday, Feb 20, 2004
Financial Daily from THE HINDU group of publications Friday, Feb 20, 2004 |
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Corporate
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Announcements Marketing - New Products & Services New Corolla variant launched — Toyota sees little impact of steel price hike Our Bureau
Mr A. Toyoshima, Managing Director, Toyota Kirloskar Motor (second from left), Mr K K Swamy, Deputy Managing Director, and Mr Vikram Kirloskar, Vice-Chairman, during a meet in Bangalore on Thursday. — G R N Somashekar
Bangalore , Feb. 19 THREAT of a fresh increase in the steel price should not have an impact on the offerings of Toyota Kirloskar Motors Pvt Ltd (TKML) as the company has a long-term negotiated price arrangement with the suppliers. Though in the midst of a negotiation for a fresh contractual award, TKML did not see any further influence on the pricing of its products. Answering a question on the point at a press conference here on Thursday, Mr K.K. Swamy, Deputy Managing Director, TKML, said that any change in the pricing of steel would impact on the costs to the company and was not likely to be on pricing of the vehicles. Mr Vikram Kirloskar, Vice-Chairman, and Mr A. Toyoshima, Managing Director, who also addressed the media to announce the launch of a new variant of Corolla said it has notched up a 42 per cent market share within 12 months of its launch in February last. TKML has sold 9,000 units so far to emerge the leader in its segment of Executive class vehicle. The car currently has a waiting period of 2-4 weeks. TKML will be embarking upon an incremental expansion in capacity without much additional costs to meet the backlog of both Corolla and Qualis, the multi-utility vehicle. Of the total sales, northern region leads the table with 40 per cent followed by West with 30 per cent closely tailed by South with 25 per cent. Mr A. Toyoshima summed up the reason for its phenomenal rise to the company's responsive approach to needs and expectation of the customers. TKML has followed it up with a launch of a variant, H5 in two colours — black mica and champagne mica metallic. In addition, this high-end Corolla with manual transmission will be provided with additional comforts and features like leather upholstery. With the expansion in capacity, TKML hopes to increase the offerings of its vehicles to 47,000, which includes 35,000 Qualis and 12,000 Corolla as against the last year's overall figure of 40,503. TKML has maintained its monthly sales projection for Camry, its luxury model imported in CBU (completely built unit form). TKML's turnover also saw an increase by 56 per cent at Rs 2,700 crore this year as against 2002-03 figure of Rs 1,745 crore.
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