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Toyota brings its luxury brand Lexus to India
Lexus is entering the Indian market with an aim to tap the growing number of luxury customers, specially those Toyota customers who are looking to upgrade. "The Indian luxury customers are growing and it's part of our future strategy to tap them," he added. Japanese auto major Toyota's luxury brand Lexus entered India with the launch of three models priced up to Rs 1.09 crore (ex-showroom). Bullish on the Indian market, Takemura said, "High net worth individuals are growing in India , getting more affluent and they are spending on luxury items." Lexus India Senior Vice President Akitoshi Takemura said they will have to first see the response in the country before before taking a call on having local manufacturing in India.
"We see opportunities mapped to the remarkable growth the country is experiencing," Akitoshi Takemura, Lexus India senior vice president, said in the statement. The wealthy will represent the largest consumer segment for the first time by 2025, accounting for 40 percent of all spending, according to the study. Toyota Motor Corp. is bringing its premium Lexus brand to India more than two decades after introducing the marque in China, an acknowledgment of the second-most populous country's growing potential as a source of luxury demand. India is encouraging investments under a "Make in India" program, which seeks to ease business dealings and boost local manufacturing by overseas companies. Toyota is bringing its upscale brand to India at a time when carmakers are warning of slowing demand in major auto markets including the U.S., Europe and Japan.
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