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New Delhi, Nov. 3: Toyota Kirloskar Motor is likely to come out with its small car in the next two to two-and-a-half years.
“A small car for the Indian market is very much on our minds … it is likely to come through in the next year. After that, it will take us another two to three years to launch the car in the country,” said sources.
Toyota is working on the small car, code named 800L, for Brazil, Russia, India and China.
The small car may be available in both the petrol and diesel versions.
The low-cost car, which is being designed in Japan, will be built in Toyota’s second plant at Bangalore.
The existing facility has a capacity of 60,000 vehicles, while the new plant is expected to produce 1 lakh units.
The small car is likely to sport a 1.2-litre engine to cater to the masses.
Fujio Cho, chairman of Toyota Motor Corporation, during his visit to India had said, “Toyota is developing a small car. While we are looking at several countries to market this product, it will be first launched in India.”
Toyota plans a ten-fold increase in its annual capacity in India to six lakh vehicles by 2015.
The Japanese carmaker aims to garner 15 per cent of the country’s passenger vehicle market by 2015.
It had a 3.7 per cent share as on March 31. Another preferred site for building the small car is Brazil.
Tata Motors is building a small car priced at about Rs 1 lakh, which is scheduled to be launched in the second half of 2008.
French car manufacturer Renault is also in talks with Bajaj Auto Limited for making “very competitive vehicles” in India.