Toyota Motor Corporation (TM)

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134.25-0.75 (-0.56%)

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Toyota Curbs Expansion Plan in India, Continues to Invest
Toyota (TM) will cease expansion in India due to the country's punitive tax structure but will continue with its investment plans.
Reuters
Automakers in India should reduce royalty payments to foreign parents - official
Indian automakers should reduce royalty payments to foreign partners to bring down costs instead of seeking tax cuts, a finance ministry official said on Thursday, days after reports that Toyota would halt expansion in the country due to high taxes. Having suffered a 50% fall in passenger vehicle sales in the five months through August as a result of the coronavirus pandemic, automakers have lobbied the government to lower taxes. The Japanese automaker issued another statement earlier on Thursday saying it plans to invest more than $272 million in India over coming years.
Reuters
Toyota, Dentsu team up to improve marketing strategy
Dentsu Group Inc <4324.T> and Toyota Motor Corp <7203.T> have agreed to form a business alliance and establish two companies to improve Toyota's communications and digital transformation strategy, Dentsu said in a statement on Wednesday. Both the firms will operate under a holding company, of which Toyota will own 66% and Dentsu 34%. One of the companies will focus on improving Toyota's marketing strategy to create "exceptional customer trust," while the other will work on digital transformation and the use of data to improve customer relationships, Dentsu said.