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Hyderabad, Dec. 8 Toyota Kirloskar Motor Pvt Ltd plans to set up a vehicle finance arm to boost sagging sales as banks cut down on lending.

“The difficulty in accessing bank loans too has contributed to the slowdown in vehicles sales during the last six months. This is why we are conducting a feasibility study for setting up own financing unit,” Mr Hiroshi Nakagawa, Managing Director, Toyota Kirloskar Motor, told presspersons here on Sunday.

Automobile sales had declined 30 per cent during the second half of the current year and had impacted Toyota operations as well. I expect the slowdown to continue into 2009 at least for a couple of months,” he said.

He, however, declined to give specific numbers of Toyota sales in the recent months, but added: “We did well in the MPV segment.”

Toyota would go ahead with the previously announced plans of setting up its second manufacturing plant in Bangalore and committed to invest $68 million over the next two years, he said.

“The total production capacity of Toyota in India would be 2.60 lakh by 2010-end from 60,000 now with the completion of the second plant,” he said.

Earlier, Mr Nakagawa formally inaugurated ‘Express Maintenance Service’ (EMS) at Harsha Toyota showroom here which promises complete servicing of Toyota vehicles in 60 minutes.

Mr Sailesh Shetty, General Manager (Sales & Operations), Toyota, said EMS would be extended to 66 locations (14 at present) by 2009. “After 2010, all new dealers will be offering EMS facility in the country,” he added.

More Stories on : Outlook | Consumer Finance | Cars

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