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Wednesday, Jul 13, 2005

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Toyota bullish on Innova

Our Bureau

Bangalore , July 12

WITH BPO an ITES segments offering a new opportunity, Toyota Kirloskar expects its newly launched crossover vehicle, Innova, achieving a higher volume growth. Even with current demand, the multipurpose vehicle was expected to notch up sales of 45,000 units by the end of this year.

The Toyota-Kirloskar Deputy Managing Director, Mr K.K. Swamy, told Business Line that Innova has been selling extremely well and, for the first time since its launch, it sold 4,633 units in June, which was the highest among multipurpose vehicles and other crossover cars. Qualis, which was phased out last year, sold 50 per cent less units during the same period last year.

Mr Swamy said in the Rs 9-10 lakh category, the number of vehicles sold was between 400 and 500 units. Hence, Toyota had doubled the production but once Innova was launched, it increased the market size at least 10 times. In the Rs 8-9 lakh category, Innova had expanded the market at least three times. He said Toyota had been able to crack the taxi segment for Innova for the first time. It has started selling Innova to the BPO segment, Mr Swamy said, adding that the waiting period for Innova was around one and half months with the top-end variants selling the most.

"We had a meeting with our vendors recently and we are planning to increase the production of top-end variants," Mr Swamy said.

He said Toyota has been carrying out market surveys on a constant basis to find the reasons for Innova's sales as well as it is mapping out the preferences of first-time buyers. "We also tap the minds of those who did not buy Innova," Mr Swamy said. He said there are no plans to change the pricing of Innova currently.

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