Toyota Kirloskar Motor in India has launched a new variant of its sedan Toyota Corolla priced at Rs 8.85 lakh (ex-showroom Delhi) slashing it by almost Rs 1 lakh, coinciding with the completion of 40 years of the model globally.
"The Corolla Executive is in response to a definite market need. Customers keen on buying the Corolla can now afford it without compromising on the core strengths of the product," Toyota Kirloskar Motor Managing Director A Toyoshima said in a statement.
As a special anniversary offer, in line with the month-long celebrations in September 2006, the Toyota Corolla Executive will be available for Rs 8.85 lakh (ex-showroom Delhi), the company said.
Toyota has also announced exciting offers on existing variants of the Corolla during September 2006. These include a reduced down payment scheme of up to Rs 40,000, in addition to a guaranteed gold coin, for all key variants of the Toyota Corolla, it added.
The new Corolla Executive is targeted at the huge segment of corporate customers who were till now shying away from buying the Corolla due to budget constraints. The price of the new variant is within the Rs 9 lakh ceiling on corporate purchases made by senior and middle level executives.
The existing base model of Toyota Corolla is priced at Rs 9.93 lakh (ex-showroom Delhi).
Corolla was first launched in Japan in 1966 and has sold 31.64 million units across 149 countries since so far. In India, the 9th generation Corolla has sold 30,000 units since launch in 2003.