Compact car for India our own: Toyota
Japanese car maker Toyota Motor Corporation Tuesday said the compact car that it plans to roll out in India in 2010 will be its own and not from the stable of Daihatsu Motor Co. "No. This (the small car) is very much Toyota's...," Toyota Kirloskar Motor (TKM) Managing Director Hiroshi Nakagawa said. He denied reports that the small car was proposed to be launched in association with Daihatsu, in which Toyota holds 51 per cent stake. Toyota Kirloskar Motor - a joint venture with the Kirloskar Group - is the Indian arm of Toyota Motor Corporation. Nakagawa said the compact car project is on track and that TKM plans to produce 100,000 units in the first phase, after which it may be doubled. TKM had announced an investment of nearly Rs 1,400 crore for its second unit at Bidadi near here, for which a foundation stone was laid in July this year. Asked if the proposed car would carry a price tag of around $5,000, Nakagawa said, "That's a tough question for me". &qu