If things went well Lexus, the luxury brand of Toyota, the Japanese automaker, would have made it to our nation this year. Unfortunately Lexus has seen a few drawbacks of entering India this fiscal year, probably because of the economic slowdown and has canceled its plans of foraying into the Indian market by 2013.
Toyota Kirloskar Motors MD said that there were several negative factors that put off the brand from making its debut in India in 2013 while confirming the news.
"It will not be in 2013," Sandeep Singh said. Primary cause was the import-duties levied on the cars which was increased greatly in the last Union Budget. And since Lexus is not authorized to make the cars in India and importing was not a profitable option, they had to cancel the decision for good.
The lowering rupee value was the final straw in the hat to put off the deal.
Lexus was introduced by Toyota in 1989 making luxury cars on par with BMW, Mercedes Benz, Audi and other luxury brands. Driven by the sales of Mercedes and BMW in India, it announced its entry into India in 2011 but with the sales of the current luxury segment of cars falling steadily, the company is cautious to wait for the ideal time.