115914
Toyota launches financial services in India, plans to invest Rs 260 crore
Posted on 30 May 20123,258 Views Comments
India will be the 34th country where Toyota Financial Services (TFS) will have operations,and the compnay will look to gradually expand operations here
Japanese auto major Toyota today announced the launch of its financial services in the Indian market with plans to invest Rs 260 crore initially. Toyota Financial Services India (TFSI), a wholly-owned subsidiary of Toyota Financial Services Corporation, will start operations in Delhi and NCR and will be gradually expanded to other metros within this fiscal.
"We will start the retail business from June 5 through dealerships in Delhi, NCR and Bangalore. The initial investments for starting the financial services in Rs 260 crore," TFSI Managing Director and CEO Kazuki Ogura told reporters here.
Stating that India will be the 34th country where TFS will have operations, he said the company will look to gradually expand operations here. "The aim is to reach to other metro cities within this fiscal," Ogura said, adding if required the company could increase the investments here.
TFSI will focus only on Toyota customers in India and the company will provide interest rates on loans comparable to the market, which is around 12-12.5 per cent, he added.
"Globally, we are not the least when it comes to interest rates. Yet, we have the best penetration rates in markets like US and China through our overall financial package," Toyota Financial Services Corporation Executive Vice-President Eiji Hirano said.
"India is a market full of opportunities...by 2015 it is estimated that the car market here will touch four million units (a year). It is the right time to enter India at this moment," he added.
Asked what kind of incremental sales Toyota is expecting after the launch of the financial services, Toyota Kirloskar Motor Managing Director Hiroshi Nakagawa said: "It is too early to say but this will definitely help us enhance the Toyota brand even further."
Globally, TFS has around 17 million customers with assets in the excess of $ 150 billion. It employs 8,400 people worldwide.
Do you like this story?
- Previous Story
- Next Story
Readers' opinions ( 0 )
Post a Comment
Post a Comment2013 24 Hours of Le Mans : Toyota Preview Video
by Team ZigWheels
Toyota drivers share what are their expectations...
Allan McNish presents the Audi R18 e-tron quattro : Video
by Team ZigWheels
Allan McNish explains the Audi R18 e-tron quattro
2013 24 Hours of Le Mans : Teaser Video
by Team ZigWheels
The 24 Hours of Le Mans is considered to be one...
24 Hours of Le Mans 2013 : Special Coverage
To be held from the 22nd to the 23rd of June, Le Mans 24 Hours will be celebrating its 90th...
Ford EcoSport : Special Coverage
The Ford EcoSport SUV for the Indian market has been officially unveiled and is slated for launch...
