It looks like Toyota has a goal to double its share of India’s passenger vehicle market by 2025. The company’s current market share in the quickly growing economy is only 5 percent, but they should not have much trouble since minivehicle specialist Daihatsu. This is a Toyota affiliate that has picked up in the market recently.
Toyota Kirloskar MD, Akito Tachibana said that he has an aim to aim for a joint contribution to resolve social issues and to reach sustainable growth levels with an automobile-driven society. Toyota Motor Corporation is the parent company of TKM, and has signed a new agreement with Suzuki Motor Corporation. This agreement describes that the two companies will look for more ways to collaborate, particularly in the areas of environmental technologies, information technologies, and safety technologies.
He says, “As we hear that India is one of the candidate regions considered to be covered in the implementation of this partnership, we at TKM look forward to the outcome under this memorandum.”
In addition, Suzuki Vice Chairman Yasuhito Harayama said, at a quarterly earnings briefing, on Monday, “We would be happy to share lessons we learned from our experience in India and emerging markets with Toyota if they wish, to make this a win-win partnership for both parties.”
More specifically, Toyota is likely hoping to pull from Suzuki’s experience with low-cost design that has enabled them to improve its exposure and success across the market; and doing so with competitive cars priced under $7,000. As such, any related deal would see Toyota greatly benefiting from the very same supply chain that has helped Suzuki to dominate this way, in India. At the same time, Suzuki would gain access to Toyota’s own in-house innovations in automated driving, low-emission vehicles, and artificial intelligence.
Suzuki Senior Manager Officer Shigeru Hayakawa shared, “There’s a lot we can learn from the speed at which Suzuki operates and implements changes,” at an earnings briefing.
In a joint statement, the two comment, “Toyota and Suzuki have agreed to work toward the early realization of a business partnership,” noting particularly the areas of possible cooperation could include both