Toyota Kirloskar Motor (TKM) is all set to launch its new premium version luxury car
'Camry' in the country on August 24.
The model would be assembled at the company's Bangalore facility.
"We are going to launch Camry on the 24th of this month in New Delhi...," TKM Deputy Managing Director (Marketing) Sandeep Singh said.
Declining to give out details on the features of the new car, he said its components would be imported and assembled at the Bangalore plant.
"We have enough space there to produce the car," he said.
TKM, a joint venture between Japan's Toyota Motor Corp and the Kirloskar Group, had introduced Camry in India as a Completely Built Unit from Japan. Camry is one of the largest selling cars for Toyota globally.
The company currently offers its popular Multi-Utility Vehicle 'Innova', hatchback and sedan 'Etios Liva' and 'Etios'
, 'Corolla Altis' and Sports Utility Vehicle 'Fortuner'.
TKM has two manufacturing facilities in India with a total capacity of three lakh units.
The first plant manufactures Innova and Fortuner and the second plant Etios, Etios Liva and Corolla Altis.
Replying to a query on market remaining sluggish, Singh said Toyota did quite well in terms of sales.
"We are doing quite well in terms of sales. We are targeting to sell 1,70,000 units this year, compared to 1,31,000 units (last year)...," he said.
TKM has reported a seven per cent increase in sales at 14,574 units during July, 2012. It had sold 13,592 units in July last year.
On TKM's proposed engine plant in Bangalore, Singh said it would begin production this month.
The plant would cater to Toyota's hatchback Etios and Etios Liva, with a combined investment of Rs 500 crore.
In addition to engines, TKM is scheduled to start producing transmissions for 'Etios' and 'Etios Liva' in early 2013. Exports of the transmissions are also being planned, a company official said.
Singh was here to flag off their first ever 'Etios Motor Racing' at the Irungattukottai race track here.
"We want to generate awareness about F1 racing in India...
We have shortlisted 25 drivers who are trained by us. These drivers will participate in next year Etios racing," he said.
TKM Managing Director Hiroshi Nakagawa said in a statement, "We are very happy that EMR is seen as an ideal grass-roots category for young drivers to learn and make their way up in the motorsport ladder".