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.
"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.