Toyota Kirloskar Motor Pvt Ltd, the Indian unit of Japan's Toyota Motor Corp, is investing about Rs 3,200 crore to set up its second manufacturing facility in Bangalore by early 2011.
"With the introduction of the Etios we will enter the mass volume segment. We are looking at a sales volume of 70,000 (cars) in the first year," said Hiroshi Nakagawa, managing director of Toyota Kirloskar.
Speaking to reporters, Toyota Motor Corp Vice Chairman Kazuo Okamoto said, "We are very excited to finally showcase the concept of Etios, which has been newly developed specifically for customers in India."
"After the slowdown, we are now in a difficult situation and we are trying to achieve constant recovery. The Indian market is very important and big for Toyota and it is expected to grow up to four million units by 2015," Okamoto added.