Toyota Kirloskar Motor reports 66% jump in sales in October to 21,879 units

Toyota Kirloskar Motor (TKM) on Wednesday reported a sales increase by 66 per cent year-on-year jump in its sales to 21,879 units in October. The company had dispatched 13,143 units in October 2022.

"Last month, the company sold 20,542 units in the domestic market and exported 1,337 units," TKM said in a statement.

TKM Vice-President of Sales and Strategic Marketing Atul Sood said the October sales were mainly driven by the festive season push, along with the strong market acceptance of the entire product lineup, resulting in higher volumes.

"For us, sustained growth has been coming from across every segment where Toyota has its presence," he added.

Earlier this year, media reports stated that Japanese auto major Toyota is looking to set up a third manufacturing plant in India, with its two facilities in the country running at almost full capacity.

Bengaluru-based Toyota Kirloskar Motor, a joint venture between Toyota Motor Company and Kirloskar Group, currently operates two plants in the country with a total production capacity of around 342,000 units per annum. However, details about the production capacity, location and investment in the new plant are yet to be ascertained.

In May this year, the company initiated a third shift at its Bidadi-based plant near Bengaluru to enhance production capacity by about 30 per cent as it looked to cut down waiting periods on some of its models.

TKM invested over Rs 90 crore to upgrade the existing infrastructure at the facility and added about 1,500 workforce for the third shift at the plant. The automaker has two facilities within the Bidadi compound, which roll out different sets of products.

TKM's Plant 1 commenced production in December 1999 and currently rolls out Innova Hycross, Innova Crysta, Fortuner, and Legender. It has an installed production capacity of 132,000 units per annum. The second plant at the same site, with an installed production capacity of 210,000 units, rolls out products like Camry Hybrid, Urban Cruiser Hyryder and Hilux.

The facility commenced production in December 2010. The company also sells models like Glanza and Rumion, which are sourced from Maruti Suzuki India, as part of a global collaboration between Suzuki and Toyota. It also imports Vellfire and LC 300 as completely built-up units (CBU). TKM has seen a robust increase in demand for its models this year.

(With agency inputs)