Toyota Kirloskar Motor, the Indian arm of the Japanese automobile manufacturer is planning to increase exports from India with the aim of offsetting losses from rupee depreciation. The company has incurred losses of about Rs 60 crore in the period January to April 2012 due to the depreciation of the Indian rupee.
The company imports various automotive parts and transmission components for its car models in India and has been incurring losses due to the increase in the import costs due to depreciation of rupee. In order to counter the losses, the company has now commenced exports from India to foreign markets such as South Africa from April 2012 and is on the outlook for new markets.
In order to power the exports as well as support the domestic market, the company is in the process of increasing its production capacity from 1,20,000 units to 2,10,000 units annually by early 2013.