India to act as hub of Toyota's new regional hub

New Delhi: Japanese auto major Toyota Motor Corporation on Friday announced a regional restructuring with India being integrated into its 'Middle East, East Asia & Oceania Region' operations and slotting the country to act as the hub of the new geography.

As part of this development, Masakazu Yoshimura, MD and CEO of Toyota Kirloskar Motor (TKM) -- the company's joint venture in India with the Kirloskar group -- will concurrently be the Regional CEO, Toyota Motor Corporation (TMC) said in a statement.

"Currently, as a part of the Asia Region, the Indian market already enjoys high priority. With this change, India will now play an even more crucial role by being integrated into the Middle East, East Asia & Oceania Region and acting as the hub of the new 'India, Middle East, East Asia & Oceania Region' starting January 1, 2024," it said.

TMC further said, "The new reorganisation, which underlines the growing significance of India in Toyota's global business landscape, reflects the increasing potential of the market upheld by its dynamic and skilled workforce."

On Yoshimura's elevation, TMC said having worked in countries such as Japan, China and South Africa, he "brings close to 30 years of rich automobile experience covering diverse fields such as product planning, pricing, sales and marketing".

He was appointed as MD and CEO of TKM in 2019. During his tenure, TKM has successfully launched products, including the Urban Cruiser Hyryder, the Innova Hycross, both with hybrid electric vehicle variants, and the Hilux, the statement said.

Last month TKM announced fresh investments of Rs 3,300 crore for setting up of a new plant by 2026, with an annual production capacity of 1 lakh units, while generating around additional 2,000 jobs.

In 2022, Toyota group of companies that included TKM and Toyota Kirloskar Auto Parts (TKAP) had also signed a Memorandum of Understanding (MOU) with the Karnataka government to invest Rs 4,100 crore to enhance electrification and accelerate the shift towards greener technologies and aid in making deeper cuts in CO2 emissions.