Toyota Kirloskar Motor (TKM) said on Thursday that it is fully committed to the Indian market and its national objectives. With this, the company once again denied the claim of one of its senior officials that Toyota will stop its expansion in India due to excessive taxes. The auto maker, which sells models such as Innova and Fortuner, said it has full faith in India’s economic growth potential and is fully committed to contributing in this direction.
TKM managing director Masakazu Yoshimura said in a statement that the company has grown in the last two decades of its presence in the country as part of its vision of ‘India’s growth, growth with India’ Investments have been made to prepare world-class talent in line with initiatives and have worked hard to develop local suppliers.
He said that the company’s operations in India are an integral part of its long-term global strategy. Yoshimura said that as part of these efforts, Toyota Group will invest more than Rs 2,000 crore in India in the coming years for both domestic and export markets. He said that the company intends to promote new, environmentally friendly and world-class technology and services in the market.
TKM is a joint venture between Toyota Motor Company of Japan and the Kirloskar Group. Earlier, TKM vice chairman and full-time director Shekhar Vishwanathan Shekhar had said in an interview that the company would stop expanding in India. He also rejected future investments, saying that taxes on cars and motorbikes in India are so high that it is difficult for the company to move forward.
