The company, a part of Toyota Group of companies, has received the domestic value addition (DVA) certificate for the xEV Transaxle (e-Drive) under the PLI scheme for AAT products, Toyota Kirloskar Auto Parts (TKAP) said in a statement.
This increase was necessitated to partially offset the rising input costs, Toyota Kirloskar Motor (TKM) said in a statement.
As part of the changes, Tadashi Asazuma, currently Executive Vice President, has been elevated as Deputy Managing Director Sales-Service-Used Car Toyota Kirloskar Motor (TKM) and Lexus, the company said in a statement.
As part of this development, Masakazu Yoshimura, MD and CEO of Toyota Kirloskar Motor (TKM) -- the company's joint venture in India with the Kirloskar group -- will concurrently be the Regional CEO, Toyota Motor Corporation (TMC) said in a statement.
The new unit, scheduled to commence production by 2026, will have an annual capacity of 1 lakh units in two shifts. It will be set up at the company's existing facility at Bidadi, where it currently operates two units with a combined installed production capacity of up to 3.42 lakh units annually.
The ethanol mix in petrol in India has gone up from 1.53 percent in 2013-14 to 11.5 percent in March 2023, which has helped reduce the oil import bill by Rs 41,500 crore. Further, in 2020-21, ethanol blending enabled a reduction of 26 million barrels of petrol, thereby resulting in savings of Rs 10,000 crore.
Launched earlier this year, the Hilux is aimed to fulfil the needs of the customers seeking a lifestyle utility vehicle that is best suited for off-roading adventure drives on tough terrains, and everyday city use.
The existing inventory would be used to service customers during this period, the automaker said.
Japanese auto major Toyota today launched petrol version of its multi-purpose vehicle Innova Crysta in India priced up to Rs 19.63 lakh (ex-showroom Delhi) as it looks fill the void in Delhi-NCR, where it has not been selling the model due to ban imposed by Supreme Court on diesel vehicles with engines of 2,000cc and above.
The company sold 12,403 units in the domestic market and exported 1,198 units in October 2015, he said.
"If the rupee continues to slide like this then we may have to take a price increase from October onwards," Toyota Kirloskar Motor (TKM) Deputy Managing Director and Chief Operating Officer, Marketing and Commercial, Sandeep Singh told reporters.