Toyota predicts strong demand for Camry hybrid EV

By: |
Updated: April 3, 2019 6:13:50 PM

Under the GST regime, hybrid vehicles were put in the same category as big petrol and diesel luxury cars, attracting 28% rate with a cess of 15%.

toyota camry hybridToyota Camry hybrid

Toyota Kirloskar Motor sees a strong demand for its recently launched Camry hybrid electric vehicle. The Camry hybrid, launched in mid-January, already clocked bookings of 500 units till March-end, and has a waiting period of three months. It is expected to clock a sale of over 1,000 units in calender year 2019, said N Raja, deputy managing director of Toyota Kirloskar Motor.

In an interview with the FE, Raja said: “We are seeing a strong demand for the Camry hybrid electric model since its launch in mid-January. While we lost the momentum due to GST and other reasons, we could see a tremendous response for our new version.” The company had to cut down its production in 2018 because of GST implementation.
“The much improved model is targeting an average of 100 units a month this year. The waiting period has been due to short supply of batteries and other inputs. We are working on plans to increase the production to bring down the waiting period,” the deputy managing director said.

Under the GST regime, hybrid vehicles were put in the same category as big petrol and diesel luxury cars, attracting 28% rate with a cess of 15%.

According to Raja, “We are happy that customers are more aware, and are appreciating clean and green eco-friendly hybrid technology. The new Camry hybrid electric vehicle is a self-charging one, and has vastly improved in terms of fuel efficiency and emissions. It comes with an attractive price point. Hence, we could see a surge in demand for the new model.”

The Toyota Camry Hybrid was launched in India at an introductory price of `36.95 lakh. It is built on the TNGA
(Toyota New Global Architecture) platform, which also happens to underpin the Lexus ES 300h along with other modern Toyota cars. Raja said: “We hope Q1 of FY2020 (April-June) will be a challenging one, and expect it to be sluggish because of the ensuing general elections and the issue of stability (customers wait and watch attitude). The actual pick up in demand could be visible only in the second half of this financial year (around festival season). The passenger vehicle industry is likely to post growth of only around 2% to 3% in 2020 financial year, and we at Toyota also see us at the same level.” On the BS VI emission norms effective April 2020, he said: “We are gearing up for the same. We need to wait for the fuel availability across the country. However, Toyota wants to ensure that there won’t be any unsold stock of BS IV vehicles at the dealers point by March next year.”
On the likely cost impact, he said: “We have to work out. There are challenges on the emission side. We will only come to know by early next year.”

Meanwhile, TKM has reported 7% growth in FY19 to 150,525 units as compared to 140,645 units sold in FY 2018. “We have been witnessing a sluggish trend for the past two quarters, and we are happy to have posted 7% growth in fiscal year 2019, largely driven by Innova Crysta, which alone garnered around 70,000 units sales. Fortuner, too, did well with 18,000, units and the remaining went to Etios, Corolla, among other products,” he said.

Etios Liva has also contributed to the positive sales momentum in FY19 with growth of 13% as compared to FY18. However, consumer spending has weakened in the pre-election phase, and the business sentiments have dampened temporarily. In March, Toyota Kirloskar Motor sold 12,818 units in the domestic market, and exported 844 units of the Etios series to clock a total of 13,662 units sold as compared to 13,537 units in March 2018.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1Marketplaces should not always be held liable for goods sold online, quality, returns, says e-commerce lobby
2Airtel TV launched for desktop: How to access Bollywood, Hollywood shows & movies on PC
3Soon, Indian websites to have domain names in 9 more Indian scripts