In a major boost to the Indian automotive sector, Toyota Motor Corp. has announced an investment of around $400 million to build a third manufacturing plant in the country.
Toyota's new manufacturing plant in India will be located in the southern state of Karnataka, is expected to start production in 2026 and is set to be its biggest investment in the country in over a decade.
With a production capacity of over 100,000 units per year and the creation of 2,000 new jobs, it will be a significant addition to the company's manufacturing capabilities. The move also highlights Toyota's confidence in the growth potential of the Indian market, and its commitment to expanding its presence in the country. With a total annual production capacity of 410,000 units, Toyota will be well-positioned to capitalise on the rapidly growing demand for automobiles in India.
Toyota's competitors in India include Hyundai, Mahindra, Tata Motors, Renault, and Nissan. These companies are well-established players in the Indian automotive market and have a significant presence in terms of manufacturing, sales, and service. Toyota faces a challenge in terms of maintaining and growing its market share in the face of stiff competition from these companies.
However, its strong product portfolio and focus on quality and reliability have helped it maintain a strong position in the market.