Japanese automaker Toyota Motor Corporation (TMC) is making significant regional restructuring, reemphasising the important role of India in the company’s global strategy.
At present, as a part of the Asia Region, the Indian market already enjoys high priority. But now, India will play an even more crucial role by being integrated into the Middle East, East Asia & Oceania Region and acting as the hub of the new ‘India, Middle East, East Asia & Oceania Region’ starting January 1, 2024.
The new reorganisation, which underlines the growing significance of India in Toyota’s global business landscape, reflects the increasing potential of the market upheld by its dynamic and skilled workforce.
Masakazu Yoshimura, MD and CEO of Toyota Kirloskar Motor (TKM) will concurrently be the Regional CEO. Appointed as MD and CEO of TKM in 2019, he has worked in countries such as Japan, China and South Africa and brings close to 30 years of experience in the automotive sector covering diverse fields such as Product Planning, Pricing, Sales & Marketingc.
During his tenure, Toyota Kirloskar Motor launched several products including the Urban Cruiser Hyryder, the Innova Hycross, both with hybrid electric vehicle variants and the Hilux.
Toyota Kirloskar Motor has completed 25 years of operations in the country and has announced a series of priority investments marking a substantial stride towards establishing India as a global hub for the manufacturing of clean and green technologies.
On November 21, it announced fresh investments of Rs 3,300 crore involving setting-up of a new plant by 2026, thus adding to capacity thereby resulting in a substantial boost to the local manufacturing ecosystem, along with ushering new technologies. The new plant is expected to ramp-up production capacity by 100,000 units, annually, and generate around 2,000 additional employment.
Last year, in 2022, Toyota Group of companies, that included Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts (TKAP), had also announced a Memorandum of Understanding (MOU) with the Government of Karnataka to invest Rs 4,100 crore, aimed at making deeper cuts in CO2 emissions and enhance electrification and accelerate the shift towards greener technologies.
