Toyota Kirloskar Motor Reports Decline In Domestic Sales By 24%

Toyota Kirloskar Motor sold a total of 10423 units in the domestic market this month of July 2019 as against 13677 units in the same period as last year. The company exported 868 units of the Etios series this month thus clocking a total of 11291 units.  Toyota Kirloskar Motor sold a total of 13677 units in the domestic market in the month of July 2018. The company exported 747 units of the Etios series this month thus clocking a total of 14424 units. 

Commenting on the sales performance, Mr. N. Raja, Deputy Managing Director, Toyota Kirloskar Motor said, “The industry is deeply concerned with the increasing pressure of low customer sentiment faced by the sector. The high insurance costs, rise in taxes and liquidity crunch across the non- banking finance segment, tightening of lending norms have significantly affected the domestic sales in the last few months. 

We are trying to lend maximum support to our dealers through the hard times faced by the industry by maintaining lean inventory.

However, despite the existing slowdown, we are happy to note that our legendary products in the IMV Segment (Innova and Fortuner) continue to hold their segment leadership.  Innova Crysta market share in the month of May-June was 45 % whereas last year same period the market share was 43% 

We hope that the upcoming festive season brings in a breather for the industry with a spur in customer sentiments. Also, we expect the Government will step in to take necessary steps for improving liquidity in the market by capital infusion in the banks should also be of some help. The Industry also expects the GST level to be rationalized to a lower level (28% to 18%) to accommodate the downturn in sales