Toyota Kirloskar Motor (TKM) on Monday reported marginal increase in total vehicle sales in March to 13,662 units, compared with 13,537 units in the same month of 2018.
In the domestic market, the company reported sales of 12,818 units last month, up 2 per cent as compared with 12,539 units in March 2018, TKM said in a statement. “Consumer spending has weakened in the pre-election phase and the business sentiments have dampened temporarily,” TKM Deputy Managing Director N Raja said.
Recently, the Japanese automaker announced that it will increase prices of some of its products from next month in order to offset rise in input costs. Recently, Japanese carmaker Toyota slashed its full-year net profit forecast after profits tumbled nearly 30 percent in the first nine months. The maker of the Camry sedan and Prius hybrid now expects annual net profit of 1.87 trillion yen ($17 billion) instead of 2.3 trillion yen it projected three months ago.
The new forecast represents a 25-percent plunge from the last year. Its net profit for the nine months to December came to 1.42 trillion yen, down 29.3 percent from the same period the previous year. Operating profit rose 9.5 percent to 1.94 trillion yen on sales of 22.5 trillion yen, an increase of 3.1 percent.
TKM exported 844 units last month as compared with 998 units in March 2018.
For the 2018-19 fiscal the company reported 7 per cent jump in domestic sales at 1,50,525 units from 1,40,645 units in 2017-18, it added.
“Innova Crysta and Fortuner have been maintaining the growth trajectory and continue to be leaders in the segment. All new Camry Hybrid electric vehicle has already crossed 500 bookings since its launch in January this year’’, he added.