A leading company focused on virtual transformation.
By Aditi Shah
NEW DELHI (Reuters) – Toyota Motor Corp. will offer its cars in India in short-term rentals or subscriptions, hoping to capitalize on the development of calls for personal transportation as passengers on their shared trips in the COVID-19 pandemic.
The Japanese automaker announced Tuesday that it would offer rental plans to businesses and Americans for 3 to five years for its entire auto portfolio, adding the Glanza sedan, Yaris sedan and Fortuner game application vehicle, for as little as Rs 21,000 ($281). . a month.
Naveen Soni, senior vice president of sales and service for the Car Manufacturer’s Indian unit, said the need for transportation was expanding and that rental or subscription models presented a more cost-effective solution than buying a car.
So far, leasing and underwriting facilities in India have largely targeted the top segment of the automotive market and make up only a fraction of the total number, Soni said.
“The back of the market is where the big one is,” he said, adding that this is where Toyota would also focus.
Toyota’s competition in India, such as Maruti Suzuki and Hyundai Motor Co, has formed partnerships to provide services, as automakers seek to generate revenue amid the pandemic.
Toyota’s Indian unit has formed a separate team to lead the company and will merge with the global mobility brand of its Japanese parent company, KINTO, as well as ALD Automotive and SMAS Auto Leasing.
(Report through Aditi Shah; Editing through Mark Potter)