Market Chatter: Toyota Targets India, Middle East, Africa With New Factories

MT Newswires Live05-01 10:32

Toyota Motor (TYO:7203) plans to build three assembly plants in India, aiming to raise annual capacity to about 1 million vehicles by the 2030s, Nikkei reported Friday.

The facilities, to be set up in Maharashtra, will also serve as export hubs for the Middle East and Africa. The first plant is slated to start operations in 2029, with total investment estimated at around 300 billion yen, according to the report.

Toyota intends to produce three-row SUVs and plug-in hybrids, targeting rising demand in emerging markets, the report said.

The expansion would bring its India plant count to six and position the country as its fourth-largest production base, according to the report.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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