Yet another shocker for auto sector! as the financial crsis creeps into India we are constantly reporting about production cuts in our stocks section http://vicky.in/stocks/
First we heard about Tata then Mahindra and Bajaj, now its Toyota’s turn. But what surprising is the production cut is made for a product that was launched barely two months ago. Altis launched in September 2008 was expected to clock 2000 units every month, but as the customer response plunges. Toyota is making only 1,000 units of the altis at its Bidadi factory in Karnataka from 2,000 earlier. Toyota officially confirmed the production cut but denied to confirm the figure. “Certainly there is a production cut for the Altis, but I am not sure what the figure is just now,” said deputy managing director Sandeep Singh.