TOKYO, JAPAN - Toyota Motor Corp said on Wednesday it will spend a total of 68 billion yen (S$680 million) on a planned second car factory in India scheduled to begin producing a new compact car and the Corolla sedan from 2010.
The Japanese automaker had announced in April an outlay of 35 billion yen for the buildings and basic equipment for the plant. It said in a statement it would spend another 33 billion yen on other equipment necessary to build the low-cost, compact car.
Toyota, a minor player in the promising Indian market, has not announced a price range for that car, but it is widely expected to cost about $8,000.
The new plant, to be located at its auto production base on the outskirts of the southern city of Bangalore, will start with initial capacity of 100,000 units a year, bringing Toyota?s total annual capacity to 160,000 vehicles.
