According to industry sources, the company will showcase the model with added features during the upcoming Auto Expo in New Delhi next month.
"The company has stopped the production of the Corolla Altis from January. It is now preparing to launch a new version, which has already been rolled out in many countries," a source said.
Toyota Kirloskar Motor (TKM), the joint venture between Japanese auto giant Toyota and India's Kirloskar group, was producing around 400 units of the Corolla Altis every month at its manufacturing facility in Bangalore.
"The company will first showcase new Corolla Altis at the upcoming Auto Expo in the National Capital. The commercial launch of the model is likely to take place around May-June," the source said.
When contacted, a company spokesperson declined to comment.
TKM is currently selling the model in both petrol and diesel variants in the country. As per the company's official website, the petrol version is priced between Rs 12.54 lakh and Rs 16.89 lakh, while the diesel car costs Rs 13.26-16.74 lakh (ex-showroom, Guwahati).
According to Society of Indian Automobile Manufacturers, TKM sold 2,972 units of the Corolla Altis in the April- December period this fiscal in the Indian market, down 29.47 per cent from the year-ago period.
According to industry sources, the new version of Corolla Altis is likely to be powered by the same 1.8 litre petrol with some added features. The diesel variant is likely to be more powerful than the existing 1.4 litre one.
TKM will produce the new Corolla Altis at its second plant in Bangalore that has a production capacity of 2.1 lakh units per year.
TKM had first launched the Corolla in India in 2003. The existing version of the Corolla Altis was introduced in 2008.
Since its launch in 2003, the Corolla series has clocked a total sale of around 85,000 units in India.