Toyota expects to boost India sales about 20 percent this year from 55,000 vehicles last year, Hiroshi Nakagawa, managing director of the company\u2019s local unit, said today. The carmaker intends to more than triple its market share to more than 10 percent by 2015, he said.<\/p>\n
VW, Suzuki<\/p>\n
Volkswagen, Europe\u2019s largest carmaker, aims to reach about that figure in four years, Jochem Heizman, a member of the company\u2019s management board, reiterated at the show. The company, which is buying a 20 percent stake in Suzuki, will begin selling the Polo in India in March, he said.<\/p>\n
Toyota\u2019s low-cost Etios compact will go on sale in India later this year, according to a company statement. The automaker aims to sell 70,000 in the first full-year of production. The model will also be exported, Okamoto said.<\/p>\n
Hyundai Motor Co. ranks second in Indian car sales ahead of Tata Motors Ltd., the maker of the Nano, the world\u2019s cheapest car.<\/p>\n
Toyota has previously struggled to win market share from Suzuki\u2019s Maruti Suzuki India Ltd. unit, missing a goal announced in 2003 to get 10 percent of the market by this year. Maruti\u2019s nationwide network of dealers may also help it rebuff future challenges, said Jatin Chawla, an analyst at India Infoline Ltd.<\/p>\n
\u201cIt would be difficult to tackle that factor upfront,\u201d he said. Challengers will likely focus on the 20 biggest cities for the first few years, while Maruti targets rural and semi-urban markets to maintain its market share, he said.
\nThe new compact will be smaller than the Jazz, known as the Fit in Japan, according to the company.<\/p>\n
Honda\u2019s passenger car sales in India declined 16 percent to 50,174 units in the year ended March 31, giving the company a 4.1 percent share of the local market. Honda was the fourth- largest carmaker in India, lagging behind Suzuki, Hyundai Motor Co. and Tata Motors Ltd.<\/p>\n
Suzuki, which offers seven hatchbacks through its Maruti Suzuki India Ltd. unit, controls 52 percent. <\/p>\n