Toyota to offer cars in India on lease, subscription

Toyota Motor Corp will offer its cars in India on leases or shorter-term subscriptions, hoping to tap growing demand for private transport as travelers cut down on communal journeys in the COVID-19 pandemic. The Japanese automaker said on Tuesday it would offer leasing plans to corporate and retail customers of three to five years across its portfolio of cars - including the Glanza hatchback, Yaris sedan and Fortuner sport-utility vehicle - for as little as 21,000 rupees ($281) a month. Naveen Soni, senior vice president, sales and service at the carmaker’s India unit, said the need for safe transport was growing and leasing or subscription models offered a more cost-effective solution than buying a car. So far, leasing and subscription services in India have largely focussed on the higher end of the auto market and therefore make up a fraction of the overall numbers, said Soni.