Toyota's Luxury Brand Lexus not Coming to India Before Long
Differing to the earlier claims about Toyota's plans of launching its luxury brand Lexus to India soon, the company has officially confirmed that Lexus won't debut in India any time soon. Lexus was earlier speculated to hit Indian shores in the next fiscal year 2013, but the company has clearly denied for the same.
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And the words have come straight from the company's deputy MD Sandeep singh, who believe that there are several negative factors behind the decision. And the major reasons that he talked about were the high import duty on completely built cars, especially after the last year's union budget, constant depreciation in rupee value and the slowdown in the Indian economy. So, this might not be the right time for Lexus to enter India.
"This is a major hurdle as far as getting in Lexus is concerned as we have plans only to import the vehicles and not make them here, " He said. Claiming rupee depreciation too a major factor, he further said, "The fall in rupee has also emerged as a major challenge, and just does not make it right to import the cars."
Toyota's plans of launching Lexus to India was earlier announced by a sr. company official during Tokyo Motor Show in 2011.
Source: ET
