BackToyota slows down Camry Hybrid production
Due to a dip in customer demand after price hike following GST, Toyota has slowed down Camry Hybrid production for the time being
Premium
New Delhi: Toyota Kirloskar Motor (TKM) on Tuesday said it has cut down the production of Camry Hybrid as demand for the model has been “adversely impacted" due to increase in price post goods and services tax (GST) implementation.
The company, which is a joint venture between the Japanese auto major and Kirloskar group, said the sudden price rise of hybrid vehicles under the GST regime impacted the demand for the premium sedan. “Currently, due to the dip in customer demand, we have slowed down our Camry Hybrid production for the time being. We will monitor the situation and ramp up accordingly," TKM sales & marketing director and senior vice president N. Raja said in a statement.
He however added that Camry Hybrid would continue to be an important part of Toyota product lineup in India. The company follows the ‘just in time’ approach and lean inventory and the entire production process is regulated by the laws of supply and demand, he added. Under the GST regime, hybrid vehicles have been put in the same category as big petrol and diesel luxury cars, attracting 28% rate with a cess of 15%.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
