Chennai: Japanese auto major Toyota on Wednesday said it would invest Rs 500 crore in its engine plant at Bangalore this year, besides shipping its latest hatchback 'Etios Liva' and sedan 'Etios' to South Africa.
After flagging off the 237 units of its petrol version of 'Etios' and 'Etios Liva' at the Ennore port on Wednesday, Toyota Kirloskar Motor India Managing Director Hiroshi Nakagawa said they were hoping to export 20,000 units in this year.
"We are looking at exporting 20,000 units this year. Besides South africa, at present we have no plan to export to other markets at this moment," he told reporters here.
The shipped cars would be positioned under 'sub-B segment' in South Africa. The entry level will be priced at 116,000 Rands in the South African market, he said.
On future plans, Toyota Kirloskar Motor Deputy Managing Director (Marketing) Sandeep Singh said they have set a target of selling 1.80 lakh units as against 1.36 lakh units last year.
Asked about their engine manufacturing plant, Singh said they would invest Rs 500 crore in the facility at Bangalore this year, which would begin operations this year.
About their plant expansion,he said they were ramping up capacity to take the total units to 3.10 lakh units by next year. "Right now the capacity is 2.10 lakh units".
Asked whether the company was scouting for locations for setting up its third manufacturing facility in the wake of reports that the company was in talks with Tamil Nadu government for the plant, Nakagawa said, "At this moment, we have no plan to have another production base".