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Maruti Suzuki India Ltd Neutral
MRTI.BO, MSIL IN
Toyota to launch Etios
• Toyota Etios to roll out in December, targets sale of 70,000 units:
Toyota will launch its new ‘Etios’ platform in early December, with
the launch of the sedan variant, which will be followed up with the
hatchback version three month’s later. Sales Target: In 2011, Toyota is
targeting sales 70,000 units, including both models.
• Pricing likely to be aggressive?: As per media reports (Economic
Times) the entry-level sedan will be launched at an aggressive entry
price of c. Rs 525,000/-. However, Toyota management has declined to
comment on the pricing, impending the launch.
• Marketing strategy: Focus on Tier II cities: The management of
Toyota has highlighted that the OEM intends to expand its dealership
network to 160 (from c.120 currently) - the focus of the company is to
expand the network in B & C class cities. The company intends to
achieve a sales mix of 50:50 between Tier I sales and the rest of the
country (up from 70:30 today).
new plant near Bangalore for the Etios, with an initial annual capacity
of 70,000 units. The project was conceptualized in 2006 - there were
about 2,000 engineers who have worked on the model, of both Indian
and Japanese origin.
• Global Platform: This new platform has been specifically developed
for emerging markets – with India being the first country, where the
product will be launched. This will be followed up with the launch in
Brazil, about two years later.
• Our View: We believe that while volume growth in the Indian
passenger car market appears to be healthy, competition is stepping up
– several global OEM’s have launched products in this market, with the
Etios being the latest entrant. We re-iterate our Neutral stance on
Maruti.
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