Japan’s largest car maker and world’s largest auto company by sales, Toyota Motor Corp., has decided to cut down its production in India. The company has cut down its production by 30 percent in the month of December due to falling sales. The company marks its presence in India with its joint venture with Kirloskar Group as Toyota Kirloskar Motor (TKM).
The company had produced 2886 cars in the month of November but will cut down its production due to the slowdown in the sales. It posted a drop of 48.55 percent in sales in the month of November. It sold 2,087 units in November 2008 as compared to 4,056 units in the same month last year.
TKM has also revised its sales targets for the year due to falling sales and ongoing credit crisis. It had announced an annual sales target of selling 60,000 units in 2008 against its total sales of 54,181 cars in 2007. According the TKM Managing Director, Hiroshi Nakagawa, the company’s biggest challenge will be to reach last year’s sales volume.