Toyota to introduce new Corolla by year end

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Aiming to make a bigger mark in the Indian market, Japanese car maker Toyota Motor will introduce a new variant of its sedan Corolla by the end of this year, besides planning to bring in a number of other models.

"In the world market, we are a leader, but in India we have challenges. We take India as a challenging market," Toyota Kirloskar Motor Managing Director Hiroshi Nakagawa told reporters in New Delhi.

The world's largest car company by sales, enjoys only 3 cent in the Indian passenger market.

"It is not so strong," he added.

"We are going to expand our business in India and it is a big task. We will be introducing new models and new cars in New Delhi.

The new Corolla model will be launched this year, we are just a few months away from it," Nakagawa said.

Without giving details, he said the new launches would be a mix of imported and domestically manufactured or assembled cars.

Earlier the company had announced plans to invest Rs 1,400 crore on setting up a second manufacturing unit at its existing facility in Bangalore to launch a 'strategic small' car in India by 2010.