| New kid on the block
New Delhi, Jan. 14: Toyota Kirloskar today launched one of its best-known models—Corolla—in India, which will carry a price tag of Rs 9.8 lakh for the base model.
The 1.8 litre Corolla will be pitted against Skoda’s Octavia, which has managed to carve a niche between the mid-size sedans and the top-end executive sedans like the Accord, Mondeo, Camry and the Mercedes E class.
“The 1.8 E model has been priced a lakh higher but both the models are fuel efficient and report a mileage of 12-14 km,” Toyota officials told the The Telegraph. The model will be available from February.
Toyota Kirloskar said the firm will break even in the next financial year and that it is exploring the possibility of launching another Toyota model.
“We are exploring options on the best possible model for the Indian market...there is a possibility to include Daihatsu as one of the models,” Sachio Yamazaki, chief of Toyota Motor Corporation told a scrum of reporters on the sidelines of the news conference to announce the launch of the Corolla.
The firm, which has a paid-up capital of Rs 700 crore, is a joint venture between the Japanese auto major Toyota Corporation and the Kirloskar group.
“We have invested around Rs 900 crore for our venture and around Rs 70 crore for the Corolla project,” said K.K. Swamy, deputy managing director of the company.
“At present there is 55 per cent localisation, which will go up if the volumes justify,” Sandeep Singh, general manager marketing told reporters.