Thursday, December 22, 2011
By Manoj Kumawat
Toyota Lexus to sizzle Indian premium luxury market by 2013
The Japanese auto giant, Toyota has recently announced to launch its premium luxury automotive brand Lexus in India by 2013. The Lexus was launched in Japan in 1989 and now eying to take it globally. In the few markets where Toyota Lexus is sold, other premium luxury car makers including BMW, Audi AG and Mercedes are struggling hard to compete with.
The luxury car segment in Indian automotive market is expected to achieve sales figure of around 20, 000 units by the end of 2011 and with the increasing business scope, company is planning to launch its premium brand. Though, the official sources preferred not to disclose the precise details of the upcoming model.
After the well researched inspection of the market, company will formulate the strategies and then later on announce the model details and their respective prices. Despite the increasing fuel price, interest rates, inflation, shift in buyer’s preferences and other economic issues company is able to increase its market share by upto 6%. Company is expecting a positive year end having achieved the sales of 130, 000 units (approximately).
In order to cope-up with the currency fluctuations, Toyota is planning to increase the localization of raw material upto 90% within a year and set-up a transmission & engine plant in Karnataka state. It is to be noted that the auto company has been reported to unveil its upgraded vehicles in the upcoming Auto Expo that include Toyota Fortuner, Toyota Innova and Toyota Camry.
Toyota is showing keen interest in Indian market and looking for an independent expansion of the exclusive showrooms across the country. At present it has been operating in a joint-venture with India’s Kirloskar Group. The upcoming Lexus premium luxury cars will be imported from their origin place as the CBU (Completely Built Units) and will be sold by means of company’s independent showrooms.