The rising market of small cars in India is making Toyota to polish its strategy to counter the challenges posed by rival maskers. Toyota is the world’s largest in the Asia’s third biggest car market, despite financial instability. The Auto Expo in Delhi saw the launch of small car from Honda, a 5-seater and exclusive for the Indian market. The model will be replicated to change the Western market. Toyota has unveiled its Etios(Rs5lakhs) for India, keeping an eye on future growth for the company, said its Vice Chairman, at the media conference.
Etios is the craftsmanship involving 2000 engineers of India and Japan and is designed to procure a good volume for the company. Toyota is in the position to face a loss to the tune of 350 billion yen till March 2010 (due to the economy downfall in the US). The Indian car industry is set to have 16% growth (1.4million vehicles)courtesy the government’s incentives, the population penetration and stabilized economy. The car industry saw double-digit growth in the whole 2009. However, the US market, as on 5th January 2010, has faced the worst ever downfall since 1970s. China is to overtake the US this tear as the world’s largest auto market- a whooping sale of 13million.