Toyota Kirloskar Motor (TKM) is the first Indian carmaker to announce its November wholesale numbers. At 16,924 units, domestic market sales last month are up 44% year on year (November 2022: 11,728 units), albeit down 17.61% month-on-month (October 2023: 20,542 units). Put this down to the company having a weeklong maintenance shutdown from November 11-19 for upkeep of machinery and equipment to sustain operational efficiencies, maintain quality and safety.
In the first 11 months of 2023, TKM has dispatched 210,497 units, up 40% YoY (January-November 2022: 149,995 units). For the first eight months of FY2024, total wholesales are 152,004 units, an improvement of 31% over the year-ago period (April-November 2022: 116,225 units).
With four months still to go for FY2024, TKM has already clocked 88% of its record FY2023 sales of 173,245 units.
Over the past two years, the company has seen demand grow strongly for its products – in FY2023, TKM sold a total of 173,245 units, up 40% YoY and its best-ever fiscal sales in India. Now, with four months still to go for FY2024 to end, the car, SUV and MPV manufacturer has already clocked 88% of its record FY2023 sales. Given the current pace of demand for its range of products, it could be surmised that Toyota is headed towards registering record sales in the region of 235,000 to 250,000 units in FY2024.
What is helping the Japanese car and SUV maker is the enhanced production capacity through three-shift operations, which has enabled TKM to meet the ever-growing market demand. TKM, which has two plants at Bidadi in Karnataka with a combined manufacturing capacity of 310,000 units per annum, has now bumped up to 400,000 units with the third shift.
One of the highlights of November 2023, which marked 25 years of Toyota Kirloskar Motor’s operations in India, is the signing of an MoU on November 21 with the government of Karnataka for the next round of investment of Rs 3,300 crore. This involves setting up of a third plant in Bidadi, which will expand production capacity by 100,000 units annually.
While demand for the popular Innova Crysta and Hycross MPVs remains strong, the butch Fortuner SUV has its fair share of buyers. What has also helped Toyota in India is its global partnership with Suzuki. Rebadged Maruti Suzuki models like the Glanza hatchback, Urban Cruiser Hyryder and more recently the Rumion MPV now account for a third of TKM’s sales.
Commenting on TKM’s November 2023 numbers, Atul Sood, Vice-President of Sales and Strategic Marketing at Toyota Kirloskar Motor, said: “We recorded a strong festive season with healthy bookings, and we are extremely thrilled to see the market responding very positively to our entire product range. Popular models like the Hilux, Innova Hycross, Urban Cruiser Hyryder and the New Innova Crysta continue to steer our growth. The Fortuner and Legender continue mark their strong presence by upholding segment leadership. In addition, the Vellfire, Rumion, Camry Hybrid and Glanza are positively contributing to our booking numbers, thus encouraging us to look forward to closing the year on a record high.”
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