Not satisfied with current market share in India: Toyota

Terming India as a tough market, Japanese auto major Toyota today said it is not satisfied with its current market share in the country.

Toyota's Executive Vice President Didier Leroy said India is a strong market with huge potential for growth.

"This is a very important market for us...today we are still kind of small player in India and it is clear that we cannot be satisfied with our current level of market share in India," Leroy told reporters here at the sidelines of Tokyo Motor Show.

Toyota Kirloskar Motor (TKM), which is a joint venture between the Japanese auto major and Kirloskar group, has a market share of less than 10 per cent in India.

Leroy said Toyota is capable of bringing much more value to the customer based on its product line up, quality, durability and reliability.

Leroy said the key point for the company is to see "how to make it affordable, how to make it to produce the right products to fit the expectations of customers in India".

He was replying to a question about Toyota's strategy for India.

Commenting on low demand for Camry Hybrid in India post increase in tax under GST, he said the development has led the company to curtail production of the model.

Leroy, however, made it clear that the company is not giving up on the flagship model.

"We are sure that we will be able to restart and make a real breakthrough in the market with our hybrid technology vehicle," he added.

On electric vehicles, he said the company has strong potential and it can strongly contribute towards the Indian government's focus on such vehicles.

Commenting on the global scenario, Leroy said countries were changing regulations at a fast clip with special emphasis on electric mobility.

Toyota today showcased a Concept-i ride, which can capture the state of mind of the person who is driving and can reduce the risk of accidents.

It also unveiled a concept SUV FJ Cruiser besides Japan Taxi, which is expected to be launched keeping in mind the Olympic games here in 2020.

Leroy said the auto major has also created a new company with Mazda and Denso to develop electric vehicles architecture with a view to mass production.

"We have also invested in advanced battery research for a very long time and we believe our solid state battery technology can be a game changer with the potential to dramatically improve driving range," he added.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)