New Delhi, May 27: Car major Toyota Kirloskar Motor is planning to rev up exports from India in order to partly offset losses, which has touched Rs 60 crore in the last four months due to rupee depreciation.
The company, which is a joint venture between Japan's Toyota Motor and Kirloskar Group, has just started exports last month to South Africa.
"The rupee fall is hitting us badly. To counter this, we are planning to increase our exports from the country. We will look for new markets," Toyota Kirloskar Motor Deputy Managing Director (Commercial) Shekar Viswanathan told PTI.
The company entered into the export market with the first consignment of its Etios cars, which were shipped to South Africa in April 2012.
Toyota Kirloskar Motor (TKM) had planned to export 20,000 units of the Etios series per annum.
"These are all right-hand drive cars. We will look for such markets. We will have to check if these cars are suitable for selling in other markets as well," Viswanathan said without specifying other new markets.
The company is currently ramping up the production of the Etios cars from the current annual capacity of 1.2 lakh units to 2.1 lakh units by early 2013.
When asked about the impact of the rupee depreciation, Viswanathan said: "For a fall of every rupee against dollar, we lose about Rs 90 crore on a yearly basis. In the last four months, we have lost an average of about Rs 15 crore every month, totalling to about Rs 60 crore."
He, however, said the company does not have any immediate plans to increase the prices of its cars.
The company imports many critical components engines and transmission for its different models in India.
The rupee has fallen over 13 per cent since early March due to a combination of deteriorating global risk sentiment and weak domestic fundamentals.
Last week, rupee had touched an all-time low of 56.38 against the dollar.
On Friday, the Indian currency gained 27 paise, rising for second day in a row, to close at 55.37 against the dollar after RBI intervened on currency breaching the 56-level in early trade.
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