Toyota Kirloskar Motor’s rapid growth through rebadged Maruti Suzuki models may slow down, as Maruti is unlikely to significantly increase supplies to its alliance partner. Industry executives say that while Toyota is seeing robust demand for these models, Maruti’s growing export commitments could constrain further allocations.
“Maruti is already exporting its vehicles to markets like Japan, Africa, and other countries, so a significant increase in volumes to Toyota may not be feasible,” said a senior industry executive. Although Maruti may raise supplies modestly in the ongoing financial year, the uptick is expected to be limited, the executive added.
Toyota currently sources four rebadged models from Maruti — the Glanza, Urban Cruiser Taisor, Rumion, and Urban Cruiser Hyryder, based on the Baleno, Fronx, Ertiga, and Grand Vitara, respectively. These rebadged models accounted for 52% of Toyota’s total domestic sales in FY25, up from 44% in FY24, according to data from the Society of Indian Automobile Manufacturers (SIAM) and company filings.
Toyota sold 309,230 units in FY25, of which 160,514 were rebadged Maruti models. However, Maruti supplied only 106,422 vehicles to Toyota while selling 648,297 units of its original versions in the domestic market. The supply constraint has meant that for every four cars Maruti sells, Toyota manages to sell just one rebadged version.
Saharsh Damani, CEO of the Federation of Automobile Dealers Associations (FADA), said the demand for Toyota’s rebadged models remains high, but “the company can only sell what it receives”.
A query sent to both Toyota and Maruti regarding their vehicle-sharing arrangement and supply plans remained unanswered till the time of going to the press.
The rebadging arrangement, in place since June 2019, has been a game-changer for Toyota in India. Starting with the Glanza, Toyota has since added three more Maruti-based models, helping it rebuild momentum in a highly competitive market.
In contrast, Maruti has seen limited domestic gains from the partnership, with just one rebadged Toyota model, the Invicto, sold under its badge. Only 4,036 units of the Invicto were sold in FY25, compared to Toyota’s 62,794 units of the original Innova Hycross.
Globally, such platform-sharing strategies have allowed automakers to expand product portfolios without incurring hefty development costs.