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Toyota Reaffirms Commitment to India, Says Indian Market is an Integral Part of Global Strategy

News18
·1-min read

Premium automobile manufacturer Toyota Kirloskar Motor on Tuesday reaffirmed its commitment to India as being an integral part of the company's global strategy.

"We need to protect the jobs we have created and we will do everything possible to achieve this," the company said in a statement.

"Over our two decades of operations in India, we have worked tirelessly to build a strong competitive local supplier eco-system and develop strong capable human resources. Our first step is to ensure full capacity utilisation of what we have created and this will take time."

The company's statement comes after a report cited that future investments by the automaker might stop given the high tax incidence in India.

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"In wake of the slowdown that has been exaggerated by the Covid-19 impact, the auto industry has been requesting the Government for support to sustain industry through a viable tax structure," the statement said.

"We remain confident that the government will do everything possible to support the industry and employment. We recognise the strong proactive efforts being made by the Government to support various sectors of the economy and appreciate the fact that it is open to examining this issue despite the current challenging revenue situation."

The company had started production in 1999 and has 6,500 employees. It has two plants and manufacturers Innova, Fortuner, Yaris and Camry Hybrid in India. It imports Vellfire.