Toyota Kirloskar Motor confident of continuing strong growth in 2024

Toyota Kirloskar Motor on Wednesday said it expects to continue the strong momentum next year after closing 2023 with record sales as rising demand from tier II and III markets is slated to fuel further growth.

The company is set for a record year in terms of sales in 2023. It has already clocked a total of 2,10,479 units in the January-November period of 2023, beating the previous highest yearly sales of 1.72 lakh units in 2012.

"At TKM (Toyota Kirloskar Motor), we are equally confident for the next year, fuelled by the rising demand from tier II and III markets and overall buoyant customer sentiments. Our primary focus is on further elevating the customer experience to meet their evolving needs," company Vice President of Sales and Strategic Marketing, Atul Sood said in a statement.

Further, he said the company is also "looking forward to creating a lot more buzz around our sustainable offerings in the mass electrification space, contributing to our goal of carbon neutrality".

Sood said TKM is "confident of closing CY 2023 with the highest ever sales numbers".

"Growth for us came from across our product portfolio with sustained month-on-month performance and in anticipation of the growing market needs we further strengthened our portfolio to meet varied mobility needs of our customers," he said, adding that TKM's popular models, including the Hilux, Innova Hycross, Urban Cruiser Hyryder, the New Innova Crysta and Glanza, remained instrumental in driving growth.

Looking ahead from an overall industry point of view, he said it is poised for significant transformation and innovation in 2024, with a greater promise for cleaner, smarter, and more accessible mobility solutions that will shape the future of mobility in India.

"Thanks to the strongly evolving local manufacturing ecosystem and policy support, India will make great strides in becoming a hub for automobile manufacturing thus softening the impact of expected global geopolitical tensions," Sood said.

Overall, he said it has been a good year for the industry with mainly SUVs being seen as the most popular segment.

"Additionally, there has also been a visible and growing acceptance of electrified vehicle technology which is expected to be a key trendsetter for 2024 as well," he added.