Toyota Motor Corp. has begun a car-leasing service in India after seeing more customers in the country prefer renting a vehicle to owning one.
Toyota Kirloskar Motor Pvt. Ltd., its local manufacturing and sales arm, said Tuesday it has launched the program called Kinto in the Delhi New Capital Region (NCR), Mumbai and Bengaluru.
The leasing service ranges from three to five years for corporate clients, and two to four years for individuals, covering such models as the Yaris compact, the Glanza hatchback and Camry Hybrid as well as Innova Crysta and Fortuner, both multipurpose vehicles, a TKM spokeswoman said.
The monthly fee, which starts from 21,000 rupees (¥30,000) for the Glanza, includes vehicle maintenance, insurance and roadside assistance, she said.
TKM plans to expand the service to a total of 10 major cities nationwide within a year, the local unit said in a statement.
"Both leasing and subscription are expected to grow significantly in the coming years. In time, we want to provide all possible models of mobility service by working closely with our corporate, fleet customers and subscribers," Naveen Soni, senior vice president for sales and service at TKM, said in the statement.