Toyota Kirloskar Motor Achieves Record Sales in July 2024
Toyota seems to be not only back on track but speeding up its game in the automotive industry. For the two consecutive months, it has outperformed all other brands with its Toyota Kirloskar to record a breathtaking performance. It has again announced its new record with its highest-ever monthly sales, reaching 31,656 units in July 2024. Out of these, 29,533 units were sold domestically, while 2,123 units were exported. This is a significant increase from July 2023, where only 21,911 units were sold, showing a remarkable 44% growth. In June 2024, TKM had sold 27,474 units, indicating a steady upward trend.
The first seven months of 2024 have been exceptionally successful for TKM. The company sold a total of 181,906 units from January to July, a 46% increase compared to the same period in 2023, which saw 124,282 units sold. This substantial growth highlights TKM's strong market presence and increasing customer demand for its vehicles.
Sabari Manohar, Vice President of Sales-Service-Used Car Business at TKM, expressed his excitement over the company's impressive performance. He attributed the success to the high demand for TKM's popular models, especially in the SUV and MPV segments. Models like the Innova Crysta, Innova Hycross, Urban Cruiser Hyryder, Rumion, Taisor, Fortuner, Legender, Hilux, and LC 300 have been particularly well-received. Additionally, TKM's diverse lineup, including the Glanza, Camry Hybrid, and Vellfire, caters to a wide range of customer preferences and needs.
To keep up with the increasing demand, TKM has implemented several operational enhancements, including the addition of a third shift. This has been particularly beneficial for models like the Urban Cruiser Hyryder, where supply improvements have reduced waiting periods for customers. Manohar also noted that customers are becoming more aware and appreciative of newer and greener technologies, which aligns with TKM's commitment to sustainability, safety, and advanced technology.
TKM continues to innovate and improve its services to enhance customer experience. The company has expanded its car detailing business, "T GLOSS," to the Toyota Used Car Outlet (TUCO), offering quality car care solutions for both new and used cars. This initiative ensures a delightful ownership experience for all customers, reinforcing TKM's dedication to providing exceptional products and services.
In a significant corporate development, TKM recently signed a Memorandum of Understanding (MOU) with the Government of Maharashtra. This agreement aims to explore the potential for setting up a new Green Field Manufacturing Facility, which will focus on advanced green technologies. This initiative further emphasizes TKM's commitment to sustainability and innovation.
TKM's expansion plans also include the construction of a third plant in Bidadi, near Bangalore. Announced in 2023 with an investment of Rs. 3,300 crores, the new plant is expected to be completed by 2026. This facility will significantly boost TKM's production capacity and support its growth ambitions.
Toyota Kirloskar Motor is a joint venture with 89% equity participation from Toyota Motor Corporation (Japan) and 11% from Kirloskar Systems Limited (India). The company employs over 6,500 people and operates on a land area of approximately 432 acres. The total installed production capacity of TKM is up to 342,000 units.
The first plant, established in October 1997, is located in Bidadi and manufactures models like the Innova HyCross, Innova Crysta, Fortuner, and Legender. It has an installed production capacity of up to 132,000 units. The second plant, which started production in December 2010, also located in Bidadi, produces the Camry Hybrid, Urban Cruiser Hyryder, and Hilux, with a capacity of up to 210,000 units. Other Toyota models, such as the Glanza, Rumion, and Urban Cruiser Taisor, are also part of TKM's extensive lineup.
In Summary, Toyota Kirloskar Motor's record-breaking sales in July 2024 underscore the company's robust market presence and growing customer demand. With strategic expansions, a diverse product lineup, and a commitment to sustainability and advanced technology, TKM is well-positioned for continued success in the automotive industry. The company's focus on innovation and customer satisfaction ensures it will maintain its upward trajectory in the coming months and year
Note: The information is from a press release sent to us by the manufacturer. Park+ is not responsible for any inconsistencies and inaccuracies in the above data.
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