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TOYOTA MOTOR CORPORATION

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Delayed Japan Exchange  -  12:34 2022-08-08 am EDT
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Toyota unveils its first mass market hybrid car for India, emerging markets

07/01/2022 | 04:34am EDT
FILE PHOTO: Auto Shanghai show in Shanghai

NEW DELHI (Reuters) - Toyota Motor Corp on Friday unveiled its first mass market hybrid car for India, a sport utility vehicle (SUV), charting a new course for the Japanese automaker in one of the world's fastest growing car markets.

The Urban Cruiser Hyryder SUV, the first car to be built by Toyota as part of a global alliance with Suzuki Motor Corp, will compete with Hyundai Motor Co and Kia Motors in a segment that accounts for the bulk of auto sales in India.

The new model will be a "game changer" in the electric auto space in India, Vikram Kirloskar, vice chairman of local unit Toyota Kirloskar Motor said at a launch event in New Delhi.

Toyota has previously said it would take the hybrid route in developing markets like India, where infrastructure is not ready for battery electric vehicles (BEVs) and much of the electricity is generated using coal or other fossil fuels.

While green investors have criticised Toyota, the world's largest carmaker by sales, for slowness in moving its product line-up to all electric vehicles, the company has said hybrids make more sense in markets where it needs to offer a variety of choices depending on the energy mix and local needs.

Toyota last year committed to spending $60 billion by 2030 to electrify its range of vehicles, but only half of that is for the development of fully electric models.

The car, to be manufactured at a Toyota plant in Karnataka state, will be sold in India and other global markets including Africa. Suzuki will take the SUV from Toyota's operation in southern India and sell it under its own label.

(Reporting by Aditi Shah; Editing by Tom Hogue)

By Aditi Shah


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
DOW JONES AFRICA TITANS 50 INDEX 0.46% 456.08 Real-time Quote.-15.16%
HYUNDAI CORPORATION 0.90% 16750 End-of-day quote.-0.30%
HYUNDAI MOTOR COMPANY -1.02% 194500 End-of-day quote.-6.94%
S&P AFRICA 40 INDEX 0.17% 149.34 Real-time Quote.-14.84%
SUZUKI MOTOR CORPORATION 9.72% 4745 Delayed Quote.-2.44%
TOYOTA INDUSTRIES CORPORATION 0.25% 7900 Delayed Quote.-14.25%
TOYOTA MOTOR CORPORATION -0.78% 2106.5 Delayed Quote.0.83%
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Financials
Sales 2023 35 481 B 262 B 262 B
Net income 2023 3 002 B 22 169 M 22 169 M
Net Debt 2023 18 917 B 140 B 140 B
P/E ratio 2023 9,84x
Yield 2023 2,84%
Capitalization 29 059 B 215 B 215 B
EV / Sales 2023 1,35x
EV / Sales 2024 1,26x
Nbr of Employees 376 971
Free-Float 70,0%
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Number of Analysts 19
Last Close Price 2 123,00 JPY
Average target price 2 459,44 JPY
Spread / Average Target 15,8%
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Managers and Directors
Akio Toyoda Director & General Manager-Asia
Kenta Kon Chief Financial Officer, Director & GM-Accounting
Takeshi Uchiyamada Director & Manager-Development Center 2
Keiji Yamamoto Chief Information & Security Officer
Seiji Sakai Manager-Information Systems & IT Management
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