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Falling rupee impacting auto industry's bottomline: Toyota

Press Trust of India  |  Mumbai 

Rupee is impacting the bottomline of auto industry, which is already reeling under the impact of increasing crude oil prices, a top of Motor said today.

"Rupee is impacting the auto industry to an extent of erosion of profitability," Shekar Viswanathan, of Motor told reporters at the launch of the firm's mid-sized sedan, Yaris, in the domestic market.

"increase also taking a toll on the industry," he added.

While the rupee is hovering around the Rs 67 mark against the US dollar, has crossed USD 80 a barrel this week, amid rising geopolitical tensions.

Motor, the joint venture between Japanese auto Toyota and Kirloskar group, today marked its entry into the highly competitive mid-sized sedan segment, with the launch of The start at Rs 8.75 lakh (ex-showroom).

would compete with the likes of City, Ciaz and Verna in the domestic market.

Viswanathan said the company plans to increase the local content in the variants, adding currently has 87 per cent localisation, while the Etios has the highest local content, at 90 per cent.

Stating that the company is expecting the government to rationalise the goods and services tax (GST) rates on hybrid cars, Viswanathan ruled out any plans to increase vehicle prices.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, May 18 2018. 16:25 IST