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Toyota Motor will invest nearly $400 million in India to build a third manufacturing plant to meet the growing demand for automobiles.
The new plant will create 2,000 jobs and produce more than 100,000 vehicles per year, increasing Toyota’s total production capacity to 410,000 vehicles per year. This is Toyota’s first global capacity expansion in more than a decade. The company already has two factories in India, and this expansion further strengthens its positive attitude towards the Indian market. The expansion also provides more potential for the supplier ecosystem.
Toyota’s global partnership with Suzuki Motor has allowed the company’s sales in India to skyrocket. At the same time, Toyota is facing slow growth in markets such as Europe and North America, as well as competition from Chinese companies in Southeast Asia.
(Source: Reuters Image source: freepik)
