Toyota to launch its small car Etios in December

Japanese automobile major, Toyota, has invested an amount of Rs 3,200 crore for setting up a new facility for production of the small car. Singh also said that this new facility will have an initial capacity of 70,000 cars per year. He also said that the company has used internal accruals for the investment. There can be an extension of up to 2,00,000 cars per annum in this new facility in just two years as per its capacity. There will be a production of 65,000-70,000 cars in the first year, said Singh.

According to the sources, the price of the new small car Etios will be above Rs 5 lakh. The company is also searching for the local components suppliers for the new car. Singh said that the company is also planning to export its new small car from India to various other overseas markets. This export is likely to start within the next two years. At present, the company is using the full capacity of its existing plant with an output of 73,000 vehicles per annum. Next year, it will go up to 80,000, said Singh. He added that Innova is Toyota's best selling vehicle with 48,000 units sold per annum, then the Altis with 13,000 units and Fortuner with 9,000 units.

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