Toyota to invest Rs. 2,000 crore in India over the next year

After Union Minister Prakash Javadekar denied a report on Tuesday that Toyota Motor Corp would not expand in India due to country’s high tax regime. But now Javadekar has clarified the news by writing “@vikramkirloskar has clarified that Toyota Company will invest more than Rs.2000 crore in the next 12 months.

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After Union Minister Prakash Javadekar denied a report on Tuesday that Toyota Motor Corp would not expand in India due to country’s high tax regime. But now Javadekar has clarified the news by writing “@vikramkirloskar has clarified that Toyota Company will invest more than Rs.2000 crore in the next 12 months.

Vikram Kirloskar, Vice Chairman of Toyota Kirloskar Motor also commented on the above statement. He said “Absolutely! We are investing 2000+ crores in electric components and technology for the domestic customer and export”.

He added “Toyota is proud to be a part of this journey. We are committed to the future of India and will continue to put all effort in society, environment, skilling and technology.”

Toyota is one of the biggest carmaking companies in the world. Its local unit is owned 89% by the Japanese company.

The company responded to the current situation by saying, “Our first step is to ensure full capacity utilization of what we have created and this will take time. We need to protect the jobs we have created and we will do everything possible to achieve this.

In India, motor vehicles including cars, sports-utility vehicles and two wheelers attract a 28% tax. Plus there can be additional levies which range from 1% to 22% based on the car type or engine size.