Toyota nixes new factory plans, blames tax rates

Japanese auto major Toyota is suspending plans to launch new cars in India and is also putting a halt to fresh factory investments as it blames "prohibitive" taxes on vehicles for depressing consumer demand, leaving automakers with high costs and unutilised and idle capacities.

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Sep 16, 2020 - 09:34
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Toyota nixes new factory plans, blames tax rates
Japanese auto major Toyota is suspending plans to launch new cars in India and is also putting a halt to fresh factory investments as it blames "prohibitive" taxes on vehicles for depressing consumer demand, leaving automakers with high costs and unutilised and idle capacities.