⁍ Toyota Motor Corp said on Tuesday it will focus on fully utilising production capacity at its plants in India.
⁍ High taxes on cars sold in India are as high as 28% and after additional levies can rise to up to 50% for some models.
⁍ ‘The message we are getting, after we have come here and invested money, is that we don’t want you,’ Bloomberg quoted Shekhar Viswanathan, vice chairman of Toyota Kirloskar Motors as saying.
– High taxes in India are taking a toll on Toyota, which says it won’t expand production in the country, Bloomberg reports. “The message we are getting, after we have come here and invested money, is that we don’t want you,” says the vice chairman of Toyota Kirloskar Motors. “We won’t exit India, but we won’t scale up.” Taxes on cars in India are as high as 28%, and after additional levies can rise to up to 50% for some models. Toyota has two plants in India, making about 100,000 cars a year, Reuters reports.
Source: https://www.reuters.com/article/india-toyota-tax/indian-taxes-keep-toyota-focused-on-plant-utilisation-not-expansion-idUSL4N2GC3KE