Toyota denies plan for $6,000 cars in India
"There are no such plans," a Toyota spokesman said today after the Asahi Shimbun report.
The Asahi Shimbun said the company would create a new brand for the low-priced vehicle to avoid devaluing the Toyota name, the daily said, without naming sources, adding that Toyota was eyeing a 2016 entry into the sector.
Japan's biggest automaker began selling its low-cost sedan Etios in India in 2010, but with a price tag of $10,000. It is still expensive compared with cars made by rivals such as Tata Motors, whose Nano sells for as little as $2,900.
Toyota has said it wants to achieve 50 per cent of its worldwide vehicle sales in emerging markets from 2015 compared with 40 per cent in 2010.