Toyota Motor Corporation launches Toyota Corolla Altis
Japan auto-giant, Toyota Motor Corporation (TYO: 7203) launched Corolla Altis, a new version of its Sedan in India on September 5, 2008. The company is now aiming to acquire 10% of the Indian passenger car market.Toyota Kirloskar Motor (TKM) Vice President, Vikram Kirloskar said:
“This year’s target is to sell 63,000 vehicles, and by fiscal 2015 we are aiming for a market share of about 10 per cent. The Altis marks our big step toward the achievement of this goal,”
In 2007, Toyota Motor Corporation sold 50,000 cars in India and planning to introduce more new models in future. The company also announced to invest Rs. 1.4 billion to set up its second manufacturing company in Bangalore and produce specially designed small car for the Indian market by 2010.
The Toyota Corolla Altis, whose design is extensively borrowed from Toyota Camry, looks like a smaller version of Toyota Camry 2006. The car runs on a 1.8 liter petrol engine. Toyota Corolla Altis is going to cost between Rs. 1.83 million and 1.28 million.
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