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Our Bureau,

BANGALORE, July 1

TOYOTA-KIRLOSKAR Motor Company has increased the price of its luxury sedan Corolla by around Rs 8,500 while a decision on the quantum of increase in the price of Qualis will be taken shortly.

Toyota-Kirloskar had earlier said that the decision to hike the prices has been taken because of the increase in steel prices and the cumulative increase in diesel prices. The price of the base model of Corolla is around Rs 9.16 lakh.

Corolla has sold 2,003 units between February and May while Camry has sold 334 units during January-May. The company has set a sales target of 10,000 units of Corolla for 2003.

Developed at an investment of over Rs 70 crore, the ninth generation luxury sedan has been adapted for Indian conditions and is being manufactured at the company's plant in Bidadi in Karnataka. The company expects to have a market share of around 10 per cent by 2010 in all the segments including Corolla. Currently, the Corolla has a 55 per cent local content. However, the company has plans to increase that figure soon. Toyota has so far sold more than 30 million Corollas in 142 countries worldwide. It accounts for around 25 per cent of Toyota's car sales globally.

Corolla's price along with that of Qualis was reduced recently after the Government slashed excise duty on automobiles by 8 per cent. The price of its base model is around Rs 9 lakh. Qualis has a 40 per cent market share in the multi-purpose vehicle segment. The company expects to sell 34,000 of Qualis in 2003, nearly 9,000 more than the previous year.

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