Toyota is rebooting its strategy for India, doubling down on a bet that emerging markets will learn to love its hybrids — as long as the price is right.
Renowned for its pioneering Prius, the Japanese carmaker has struggled to sell large numbers of its hybrid Camry sedan since its Indian debut in 2013, partly due to a sticker price of more than eight times the annual income of a middle-class family.
This time, Toyota is determined to do it differently with lower-cost hybrids, said four company and industry executives and suppliers who provided previously unreported details about the carmaker's sourcing, production and pricing strategy.