Toyota denies plan for $ 6000 cars in India
Toyota today denied a press report that it was to begin selling cars in India priced at around USD 6,000 as the Japanese auto giant looks to boost its share of the country's growing affordable car market.
"There are no such plans," a Toyota spokesman said after the Asahi Shimbun report.
The Asahi said the company would create a new brand for the low-price vehicle in a bid to avoid devaluing the Toyota name, the daily said, without naming sources, adding Toyota was eyeing a 2016 entry to the sector.
Japan's biggest automaker began selling its low-cost sedan Etios in India in 2010, but with a price tag of USD 10,000 it is still expensive compared with cars made by rivals such as Tata Motors, whose Nano sells for as little as USD 2,900.
Toyota has said it wants to achieve 50 per cent of its worldwide vehicle sales in emerging markets from 2015 compared to 40 per cent in 2010.