Toyota to start plant in India
Tuesday, 14 November 2006, 20:30 IST
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Tokyo: Toyota Motors Corporation is planning for world domination. It announced that it may add car factories in India, China and the U.S. by 2009. Toyota already has one plant in India, and five in China. The annual capacity of these units would account to 4,50,000 units, the Indian factory producing about 1,50,000 of these low-cost cars. The news comes in light with growing recognition of the Indian auto market. Vehicle sales in India grew by almost 20 percent in the last six months. And would only seem normal that Toyota plans to use India and other developing countries to beat back its American rivals. Currently ranked No. 2, the motor company predicted that it would reach 15 percent of the world's auto market by 2010, outpacing General Motors as the world's largest vehicle manufacturer. In 2005, Toyota controlled 11 percent of the world's auto manufacturing market and has set its eye on reaching 15 percent in the next three years, according to the WSJ report. Shares of Toyota were down 90 cents at $120.92 in mid-day trading in New York. General Motors shares were up 45 cents, or more than 1 percent, at $35.12.
Source: IANS
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