The services of Toyota Financial Services, the vehicle financing division of Toyota Motor Corporation would very soon be available in India. This step would without doubt accelerate its sales in the country.

The decision is very crucial to the company with the recent financial credit crunch due to tightening of lending norms by banks and other financial institutions in addition to steep interest rates. Presently, 60 -70 per cent of the sales of Toyota Motor Corporation are financed by banks and other financial institutions. With the upcoming financial services, the company is planning to offer very competitive interest rates to attract its customers.

The Toyota Motor Corporation, India known as Toyota Kirloskar Motor is currently developing the CNG-powered variants of the Innova and the Corolla. Apart from the CNG Innova, Toyota may also launch a smaller MPV in India by the end of 2009.

It is to be mentioned here that Toyota Kirloskar Motor Private Limited is joint venture automotive manufacturer in India selling Toyota brand of cars. Toyota Motor Corporation entered India in 1997 in a joint venture with Kirloskar Group.

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Posted by Naresh Koshti on 23 October, 2008 2:05:38 PM IST #