By Toyota is finally expanding its manufacturing facility in India as the Japanese car manufacturer officially announced its third manufacturing plant in India and the company has signed a Memorandum of Understanding with the government of Karnataka. The total investment is over 3,300 crore, which is huge and it will be a big boost for the economy as it will open up more than 2000 new jobs in the region. The annual production capacity of this new plant will be 1 lakh per annum and it will reduce the stress on the current plants.
This new plant is also coming in Bidadi near the existing plants and the total output of the current plants is 4,00,000 units per annum. The upcoming plant will add more than 30 per cent to the annual production capacity of Toyota and it certainly shows the commitment of the brand to India as the Japanese manufacturer completed 25 years in India. The first new product to roll out from the upcoming plant is going to be the new three-row SUV, which Toyota is working on and it is expected to be based on the Corolla Cross from the global portfolio.
The new model will be bigger than the international version as the space on all-row will be important for the company and the annual production is likely to be 60,000 units. The upcoming SUV is going to be exported to different parts of the world and India will be an export hub for this particular product. We are also expecting the manufacture more models at this plant especially SUV products as they are the ones that bring good numbers along with huge profits too. In coming months, we are expecting more details to be revealed on this product.
