With the ongoing crisis due to coronavirus, everyone is affected. But the Automobile sector is hit by it very hard. There is a major shift in the automobile industry. Now, the automobile industry is finding new ways to survive in this pandemic.
In the last couple of days, many carmakers have stated that there will be a shift in consumer preference when it comes to buying cars. People will now think to buy a smaller car than a premium car. Hence, this will make the automakers to emphasize on the mass-market segment.
In this Toyota strategy is clear. They are going to keep premium branding in each of their segments with value positioning in the customer mind. In this year, Etios is scrapped by Gaurav Vangaal, the associate director, LVP forecast, IHS Markit Toyota Kirloskar Motor. The Etios comprises Etios cross, Etios premium compact sedan and Etios Liva Hatchback. This makes the company left with only Innova, Fortuner, Yaris and Camry hybrid in the premium brand.
Etios is not the famous range of model from Toyota Kirloskar Motors but is sold about 17,670 units in the domestic market. And about 1,14,081 units have been registered in the last financial year.
Recently, Toyota has announced that they are moving to focus on premium offering for the Indian market. This is the strategy the same as the other car maker present in the country, Honda Cars India. It is a Japanese carmaker.
The company said that its strategy is fixed and very clear. They are going to put premium branding in each segment.
The strategy is successful with the recent launch of Glanza. It sold about 24,380 units in Indian Market in FY20. Toyota Glanza is a premium hatchback very much similar to the Maruti Suzuki Baleno.