| "We are already operating at nealy 100 per cent of our installed capacity and we need to expand fast with the growing demand," K K Swamy, deputy managing director, said here today at a news conference. The company will mobilise the investment for expansion through internal accruals. |
| The company is expecting to grow its sales by 8 per cent in 2004-05 to 45,000 units from 42,000 units last fiscal. Swamy, however, said that profits would largely remain stagnant at Rs 109 crore on sales of Rs 3,100 crore, owing to the rise in steel prices and the two per cent education cess announced by the government. "The margins are shrinking because of these two factors," he said. |
| Of the 45,500 units Toyota is targeting for the year, its multi-purpose vehicle Qualis will contribute 32,000 units, Corolla 12,200 units and Camry 1,500 units. |
| Managing director A Toyoshima said the company is aiming to double its share of the Indian passenger car market from 5 per cent to 10 per cent by 2010. He acknowledged that the company needed a car in the high-volume compact car segment. "But I cannot talk about our future lineup of models," he added. |
| Swamy claimed that Qualis had a 39 per cent market share, Corolla 34 per cent and Camry 20 per cent in their respective segments. |
| Camry is the highest selling imported sedan in the country. Swamy said Toyota is adjusting accumulated losses and planned to wipe it out in two years. He, however, declined to comment of the total amount of losses. |
| Toyota today also announced its partnership with Iffco-Tokio general insurance to provide cashless insurance services for all customers. |
| After the tie-up, Toyota owners will be able to insure and undertake cashless repairs of vehicles and parts at all the Toyota 3S dealerships without having to bother about survey and assessment formalities including paying for repairs and claiming reimbursement thereafter from the insurance company. |
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