Toyota Kirloskar Motor Registers 24% Sales Decline As Innova Crysta, Fortuner Sales Dropped

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In July 2019, the Toyota Glanza, which is basically a rebadged Maruti Baleno, recorded a sale of 1,796 units, its lowest ever performance since it went on sale in June this year

As we have reported several times by now, the Indian auto sector has been going through a sales slump. The condition is so bad that almost every manufacturer, including the top-sellers, have been reporting significant drops in the demand. Toyota Kirloskar Motor has been no different and has reported a 24% drop in sales in July 2019.

Last month, the carmaker sold 10,423 units in the local car market, which is a 24% decrease from 13,677 units sold in July last year. Even if you factor in the exports, the cumulative sales have witnessed a drop of 22% to 11,291 units from 14,424 units in July 2018.

The reasons behind the slowdown can be attributed to a slow of factors. Speaking on this, N Raja, Deputy Managing Director, Toyota Kirloskar Motor has said, “The industry is deeply concerned with the increasing pressure of low customer sentiment faced by the sector.

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The high insurance costs, rise in taxes and liquidity crunch across the non- banking finance segment, tightening of lending norms have significantly affected the domestic sales in the last few months. We are trying to lend maximum support to our dealers through the hard times faced by the industry by maintaining lean inventory.”

So far, the Fortuner and the Innova Crysta have been the most popular models from the Indian subsidiary of the Japanese auto giant. Both models enjoy a substantial lead in their respective segments. Moreover, from the looks of it, their dominance is likely to go unchallenged for a lot of time to come.

Another high point in Toyota’s local operations has been the introduction of the Glanza, which is essentially a rebadged Maruti Baleno. The B2-segment model has been off to a decent start. While it hasn’t been as popular as the Maruti Baleno or the Hyundai Elite i20, it has been rather quick with establishing itself well in the market.

In July 2019, however, the Toyota Glanza reported a sales figure of 1,796 units, which is lower than what it could manage in June 2019. Still, however, it doesn’t look like the Glanza or the unbeatable duo of Innova Crysta and Fortuner would lose their position on the sales charts to any of their rivals.

Also, Toyota Kirloskar Motor hopes to revive its sales performance in the upcoming festive season, which is bound to experience a higher demand for new vehicles during the auspicious period as per the Hindu calendar.