“We are seeing the demand increase & the market recover slowly. The future of sustainable mobility is strong here in India & Toyota is proud to be part of this journey. We are investing 2000+ crs towards the electrification of vehicles and helping build a strong India!” tweeted Vikram Kirloskar.
Few hours after several articles were published regarding Toyota’s exit from India, Vikram Kirloskar dismissed the claims. On Tuesday, several media outlets claimed that Toyota will stop investing in India. With reasons being that India imposed way too high amount of taxes. They also claimed that Toyota saw interpreted the taxation as a message of “we don’t want you here.” from the Indian government.
Rather Toyota Kirloskar will invest Rs 2,000 crore in development of vehicle technology and electric components in India. A top official claimed this hours after news articles claimed that the Japanese automobile giant will halt all of the latest investments in the India. Vikram Kirloskar, vice-chairman of the Toyota-Kirloskar Motor tweeted “We are investing Rs 2,000+ crore in electric components and technology for the domestic customer and exports. We are committed to the future of India and will continue to put all effort in society, environment, skilling and technology.”
“The news that Toyota Company will stop investing in India is incorrect. @vikramkirloskar has clarified that Toyota will invest more than Rs 2000 crore in next 12 months,” Javadekar had tweeted.
Kirloskar tweeted the above in response to a tweet from the Union minister Prakash Javadekar.
A Bloomberg article hit the headlines stating that Toyota Kirloskar vice-chairman Shekar Viswanathan, said that Toyota will now cease its expansion in India, due to the high taxes levied on automobiles in the country.
Vishwanathan also added that if reforms weren’t made in the current situation, Toyota may not exit India, but won’t plan to expand either.
The Indo-Japanese collaborative venture falsified the articles within a few hours of its publishing. The statement declared: “We continue to be committed to the Indian market and our operations in the country are an integral part of our global strategy.” (Source: MoneyControl)