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Internationalization of Toyota in India

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Table of Contents
Introduction....................................................................................................................................................2
Opportunities and threats posed by social, economic, and institutional environment...................................3
PESTEL analysis.......................................................................................................................................4
Political factors......................................................................................................................................4
Economic...............................................................................................................................................4
Sociological............................................................................................................................................4
Ecological factors...................................................................................................................................5
Legal issues............................................................................................................................................5
Institutional theory.........................................................................................................................................5
Threats to Toyotas International Strategy in India.........................................................................................6
Institutional voids..........................................................................................................................................6
Toyota's Internationalization Strategy in India..............................................................................................7
Internationalization theory.............................................................................................................................7
Monopolistic advantage analysis...................................................................................................................8
Recommendations for emerging market......................................................................................................10
Conclusion...................................................................................................................................................11
References....................................................................................................................................................12
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Introduction
Toyota is one of the most successful auto brands in the world. The company was founded

in 1937 by Kiichiro Toyoda and has grown steadily since its founding (Loyd, 2020). Today,

Toyota operates in 170 countries across the globe. The company's headquarters are in Toyota

City, Aichi, Japan (Qu & Wu, 2022). Toyota is the world's leading automaker based on the

company's sales. In 2022, the company sold 8.9 million units of cars and made sales worth

$276.57 billion. Toyota employs a total of 364,445 employees across the globe.

One of the dominant philosophies of the company is to make cars for all people. Through

this philosophy, Toyota focused on serving the middle-income and affluent class since they are

huge on making purchases (Loyd, 2020). Consequently, Toyota's growth has been driven by its

ability to serve the middle class and the affluent class type of customers. For the wealthy classes,

Toyota has focused on its famous brand of vehicles. The markets where Toyota has employed

these strategies are Brazil, China, and India. One of the problems Toyota has faced is its inability

to cater to the needs of local consumers. Many of Toyota's competitors deeply understand the

markets they serve. This challenge can be amplified because Toyota is lagging in electric

vehicles. Toyota was the first car manufacturer to start on the journey in electric vehicles (Yu et

al., 2011). Toyota built a hybrid car in 2002 that could use petrol and electric power. However,

Toyota never pursued the electric car ambitions further than this. Instead, Toyota settled on its

traditional car modeling method. In 2022, Toyota failed to feature among the world's top 5

electric car manufacturers, showing how far behind Toyota is in catching up with the

hybrid/electric car technology. This disadvantages the car brand since it is not the first mover in

electric cars.

Toyota must find new pathways to grow into the future (Hatani, 2009). One frontier for

growth should be found in the new and emerging markets (Uchil & Yazdanifard, 2014). In this
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regard, this research analyzes Toyota's international strategy for India, given that India is one of

the emerging markets. In particular, the study seeks to understand Toyota's threats and

opportunities in the emerging market. Further, the research aims to determine what strategies

Toyota can transpose to other emerging markets.

Opportunities and threats posed by social, economic, and institutional environment

Toyota faces threats and opportunities as it seeks to expand into India (Voeten et al.,

2017). Toyota has a footing in India but has been seeking to increase its market capitalization in

India. However, Toyota's expansion ambitions have been inhibited mainly by differing

challenges inherent in the Indian market (James & Jones, 2013). The conceptual frameworks

analyzed reveal Toyota's challenges and opportunities as it seeks to expand its market

capitalization in India.

PESTEL analysis

The PESTEL analysis gives information on the environmental aspects of a business

that are critical for its success (Çitilci & Akbalık, 2020). Through pestel analysis, it becomes

possible to determine which elements of a business's environment should be changed to gain a

competitive advantage. Further, PESTEL analysis highlights the elements for a specific business

success. The PESTEL analysis is an acronym for Political, economic, social, technological,

ecological, and legal factors (Alanzi, 2018).

Political factors

Toyota operates in areas with differing political orientations and inclinations, so its

operations in India are cordial (James & Jones, 2013). Toyota has a global outlook and

orientation, enabling it to be used in different jurisdictions (Yusoof et al., 2016). Additionally,

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Toyota has a free trade agreement with the Indian government, which makes working in India

simple.

Economic

There is a high competition rate in the Indian automotive industry today (James &

Jones, 2013). This is due to the entry of other companies in the automotive industry, such as

Suzuki, Mahindra & Mahindra, Hyundai, Volkswagen, and Tata Motors (Meena et al., 2020). As

such, operating in Indian market is challenge for Toyota due to the high rate of competition.

Sociological

Customers are more conscious about their consumption than they were before. As such,

companies are taking greater responsibility for their production (Gagan Deep, 2023). Recently,

Toyota has had to recall cars due to faulty fuel pumps after an uproar from the public. The

automaker recalled over 700,000 vehicles, which was an expensive recall (Ahmed, 2020). The

company stated that the fuel pumps could fail, leading to engine failures. In India, Toyota made a

recall of 11,56 cars (Team BHP, 2021). The recall of the cars in India gives negative publicity to

the company. This gave a wrong perception of Toyota brand in the Indian market.

Ecological factors
The market is moving towards production that is focused on lowering the carbon

footprint (Sheth et al., 2020). The eco-friendly car market in India is growing at a rate of 35%

(Economic Times, 2024). Toyota produces cars that majorly use gasoline. The failure to optimize

eco-friendly cars is making Toyota lag in its carbon footprint reduction. Further, it makes Toyota

miss out on the growing market base in India.

Legal issues
Legal issues are damaging to the company's image and revenue. When Toyota recalled

cars with faulty fuel valves, the company was hit with lawsuits from disgruntled customers
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(Bebeteidoh & Takim, 2016). This led to heavy financial losses. In 2020, Toyota recalled 11,556

(Team BHP, 2021). Some of the law suits which Toyota faced were from India, damaging its

image in Indian market.

Institutional theory

According to the institutional theory, businesses institute specific processes and

practices to increase their legitimacy in particular markets (Lammers & Garcia, 2017). In every

market that a business operates in, there are the set of values and the rules that govern this

society. Based on institutional theory, companies strive to conform to the set regulations and the

values of society to attract customers to their companies (Berthod, 2018). Research highlights

that market forces, such as customer demand, influence corporate direction. Achieving

sustainable development is one example of a value driven by the need for legitimacy. Companies

need help to achieve a zero carbon footprint in their operations. These efforts have seen

companies use green energy to power up their operations.

Toyota has been following the pathway of institutional theory (Meena et al., 2020). In

particular, Toyota has been seeking to learn the legitimacy of the Indian population, where it is

advancing its internationalization strategy. One of the ways Toyota has been committed to

sustainable social development is through the use of Corporate Social responsibility activities in

the Indian market. In India, companies must use 2% of their net profits in corporate social

responsibility activities. However, Toyota has exceeded this threshold and continuously

committed 5% of its net revenues to Corporate Social responsibility activities (Toyota, 2021).

Toyota invests in CSR activities and projects in India. Then, it turns over the management of

these activities to the local communities and administrations where the CRS projects have been

administered.
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Opportunities for Toyota in India

One of the opportunities Toyota has is the free trade agreement with India. Toyota is one

of the beneficiaries of the Indo-Thai free trade agreement (Briefing, 2014). This trade agreement

will give Toyota access to the Indian market and other Indo-Pacific countries. The trade

agreement allows Toyota to make cars in India duty-free. Toyota's other opportunity is to partner

with Indian car manufacturers. Toyota has bought a stake in the Suzuki car manufacturer to

increase its market share in the Indian economic market. (2018). India is one of the fastest-

growing car markets in the world, and Toyota can benefit from expanding its operations there.

India is moving towards the development of clean energy. Toyota can also take advantage of the

green energy shift in India. According to the International Trade Administration (2024), India is

making policy directives to promote the country's development and use of green energy. Toyota

is a leader in the manufacture of hybrid cars. The company can promote itself as a first mover in

developing electric cars in India. Toyota has a lot of experience in hybrid cars and can leverage

this experience to expand in the Indian market.

The other opportunity that Toyota has is to decentralize its production. Toyota has heavily

relied on its factories in Japan to service its Global Supply Chain (Asah, 2023). However, the

company does have factories in some countries, such as the US, China, and India. The

production costs in Japan are rising, making cars unable to compete well with other vehicles

produced at a lower market price (Reuters, 2022). Japan needs to expand its global supply chain

to other countries with much lower production costs.

Further, Toyota needs to have more suppliers in their supply chain. Currently, Toyota

depends on one or two suppliers for many of its components in the Global Supply chain. This is

risky since the company may need to stop its operations if one supplier fails. In 2023, Toyota had
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to shut down all its factories in Japan after a problem with the supplier supplying the company

with coils (Asah, 2023). Toyota uses a production model called Just-in-time. This model dictates

that only the needed parts are produced at any given time. The shutdown lasted ten days before

the supplier could operate again (Asah, 2023). Thousands of cars were made behind schedule,

which cost the company money. If the company had other suppliers, it would not have gone into

a shutdown.

Threats to Toyotas International Strategy in India

Punitive regulatory practices threaten profitability and internationalization in the Indian

Market for Toyota. One of the disciplinary regulatory practices is the high taxation of

automobiles in India. According to Brunner Upton (2020), India has imposed a tax of 28% on all

automobiles, motorcycles and SUVs. However, the electric ones are excluded from this high

taxation (Fortune, 2024). The exclusion of electric cars from this high taxation does not help

Toyota since the company has yet to invest in the development of electric vehicles in India.

Additionally, charges are imposed on cars depending on the length of the car and the

horsepower of the vehicle. An SUV with an engine capacity of more than 1500 CC attracts a tax

of 50% (Fortune, 2024). This heavy taxation of cars in India frustrates Toyota's philosophy of

making cars for everyone. Due to the heavy taxation, car ownership in India is restricted to the

few who can meet the heavy taxes.

Institutional voids

Another obstacle Toyota faces is institutional voids in its ambitions to expand in the

Indian market. Institutional voids were first exposed in the book Winning in Emerging Markets.

Institutional voids refer to a state where no intermediaries in the market are involved in

intermediary tasks (Singapore Management University, 2013). These intermediary tasks include
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research and development, financing systems, market research, and credit card systems

(Dieleman et al., 2022). Most companies have been stuck with the traditional system of doing

things since innovations have yet to drive the next frontier in their industries. Entry into new

markets requires organizations to have strategies tailored for these new markets. According to

HBR, many globalized companies need help-seeking strategies to infiltrate emerging markets.

Sinha et al. (2015) identify that the absence of investment in research, regulatory framework, and

enforcement mechanisms leads to institutional voids.

In India, Toyota faces a myriad of institutional voids that inhibit its growth and

development ambitions. One of the institutional voids identified in India is the absence of an

innovation policy (Voeten et al., (2017). The other void is more technical support for the

research and development work. India also lacks safety nets for innovative hubs and personnel,

leading to evasiveness in research development and investment (Dieleman et al., 2022). The

financing landscape in the country could be better, and this is an institutional void that frustrates

research and development (Voeten et al., 2017). Institutional support is also flimsy in the

innovative sector, leaving a void for companies seeking to develop new product offerings.

Toyota's Internationalization Strategy in India

Internationalization theory

The internationalization strategy is the process through which companies seek and

expand into other countries apart from their home countries (Whitelock, 2002). The primary goal

of internationalization is to gain a more significant market share and increase corporate revenue.

There is a close link between internationalization and globalization. Globalization leads to

integrating states, economies, and organizations across different countries and regions (Maqbool-

ur-Rahman, 2015). For a company to internationalize, it must adapt to be accepted in the country
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it seeks to expand into. Companies must adapt to the countries in which they are seeking to

expand. It may require that the company adjust to the local culture of the people to become

accepted. Further, a company needs to adapt to the standards set in terms of technology and way

of doing business.

Toyota's internationalization strategy in India is focused on two objectives. The first

objective is to circumvent the punitive taxation by the Indian government on imported cars. In

the past, Toyota relied on selling vehicles in India manufactured from their factories in Japan and

other countries where their production costs were relatively low. However, the Indian

government, in a move aimed at bolstering the local industry, instituted punitive taxes on car

imports (Reuters, 2023). The effect of these vast taxes is that most manufacturers' production

costs have gone high. The internationalization strategy Toyota has employed is localizing the

production of cars in India. Localizing production helps eliminate import tariffs; therefore,

Toyota can sell its vehicles more cheaply in the Indian market. The second internationalization

strategy is to manufacture low-cost hybrid cars. For years, Toyota has flourished in mixed car

manufacturing (Yu et al., 2011). However, its hybrid vehicles, including Toyota Prius and Camry

Hybrid, are expensive and unable to penetrate the Indian car market. Toyota is planning to

manufacture low-cost hybrid cars in India and hence be able to sell low-cost vehicles in the

Indian market.

Monopolistic advantage analysis

Monopolistic advantage theory asserts that companies seek to secure comparative

advantages concerning resources to gain competitive advantages in the market (Akter et al.,

2022). Through the monopolistic advantage, it is possible to explain why foreign companies

enter other countries and seek to gain a market edge over home-based companies. The
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monopolistic advantage can be achieved by direct investment, or it can also be acquired through

portfolio investment. By making either of these two investments in another country, a company

can directly control the industry by investing in the country. The direct control a firm gains is a

product of direct investment.

On the other hand, portfolio investment is having a stake in a stock or a bond in a

particular financial asset (Kievskaya, 2018). In the case of Toyota in India, the company has a

direct market but also expands through acquisition. Through acquisitions, Toyota is increasing its

monopolistic advantage in the market through portfolio investment.

Toyota has been seeking comparative advantages in the Indian market to gain

competitive advantage. Toyota has gained a competitive advantage through mergers and

acquisitions. Toyota has for example acquired a stake in Suzuki Maruti. Suzuki Maruti is India's

bestselling automaker. Suzuki controls over 50% of the Indian auto market (Ghosh, 2019).

Toyota stands to gain from this acquisition of Suzuki through cross-badging. Cross-badging is

where one car maker sells a car under a different name but the same car (Economic Times,

2018). Minor alterations are made to the vehicle to make it seem like a unique car, but the

changes are usually on the surface only. The automaker is only selling the same car under a

different name. Toyota can sell premium hatchback cars under the Suzuki Maruti brand in the

cross-badging arrangement. This is because Toyota does not have a premium hatchback segment,

and now they can sell them under the Suzuki brand name, even though the cars will be Toyota

model cars.

Further, Suzuki does not have a sedan car in the Indian market. Suzuki seeks to get the

models from Toyota and sell them as its premium sedan cars in the Indian market and the rest of

the world (Economic Times, 2018). Toyota will get additional sales of sedans under the brand
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name Suzuki. Suzuki needs to develop its electric car market segment better. However, Toyota

has over 20 years of experience in building hybrid cars. Suzuki could use the money to create the

electric vehicle in terms of research and development (Ghosh, 2019). However, the company can

quickly develop a new car model and technology. Suzuki can use the hybrid car technology used

by Toyota to build its electric car segment. By using Toyota's technology, Toyota will gain

revenue and market share in the electric and hybrid car markets. By being able to sell its cars in

India under the Suzuki brand name, Toyota is increasing its market share in the Indian market.

Consequently, Toyota's competitive advantage also increases the proportion of its share in the

Indian market.

Recommendations for emerging market

Toyota needs to penetrate the upcoming markets to have a growth impetus for the

future. Some of these upcoming markets that Toyota needs to penetrate include Africa, Asian

markets, and South America. One of the notable problems identified in the research is the

presence of institutional voids. The institutional voids were identified as inhibitors to research

and development and posed operating obstacles to investment (Voeten et al., 2017). Owing to

this shortcoming, Toyota needs to invest more in research and development for the emerging

markets it seeks to expand into. It was highlighted that in the process of internationalization,

companies need to integrate into the local culture, customs, and traditions to win the hearts of the

locals. As such, Toyota needs to invest more in research and development in the countries and

regions where it seeks to expand. Research and development will give Toyota novel products

that suit the markets it seeks to expand into (Loyd, 2020).

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Sustainability is becoming critical in many global markets (Sheth & Parvatiyar, 2020).

Consumers are becoming more conscious of what they purchase and its environmental impact.

Toyota needs to rethink how it will enhance its sustainability in the market. In particular, Toyota

needs to invest more in electric car manufacturing since it is currently the driver of sustainable

marketing. Toyota Company will achieve this goal through more research and development.

Further, emerging technologies such as AI have introduced self-driving cars, e-mobility,

and other mobility forms (Althubaiti, 2022). Toyota must invest more in research and

development to gain a first-mover advantage in the market. This will avoid getting overridden by

companies such as Tesla. Toyota also needs to diversify its product offering in the market.

Different markets have different market needs. This is especially true for emerging markets. This

can be seen from the strategy which Toyota has employed in India. Toyota did not have products

tailored for the Indian market and it therefore had to acquire Suzuki to gain a more significant

market share in the Indian market.

Conclusion

Toyota is one of the most profitable companies in the world in terms of the revenue that

the company generates every year. For the company to remain as good as it is, it must keep

developing and innovating. In particular, Toyota needs to keep improving its organizational

strategy. India is one of the emerging global markets with massive potential for Toyota. This

research has examined the internationalization of Toyota in India. The study has found that

Toyota has some inherent competitive advantages in India, which are part of its strength as it

seeks to expand in this market. Some of them include its portfolio investment in the Indian auto

industry and the technological advantage it possesses. Toyota also faces some threats in the

Indian market, such as the high tariffs instituted by the Indian government and institutional

voids.
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To internationalize successfully in India, Toyota needs to localize its production. This

will help the company circumvent the punitive taxation that the government imposes on foreign

companies that sell products in the Chinese market. The second recommendation is that Toyota

should focus on producing low-cost cars. This is because of the high competition in India with

other car manufacturers such as Suzuki, Mahindra & Mahindra, Hyundai, Volkswagen, and Tata

Motors. Toyota also needs to focus on the manufacture of hybrid cars in India. The Indian

market is under-exploited in terms of electric vehicles; therefore, there is a lot of market potential

that Toyota can exploit. The other recommendation for Toyota is that the company needs to

invest in research and development in India and the other emerging markets that the company is

seeking to expand into. Investing in research and development will help to overcome the

institutional voids that plague India and the other emerging markets Toyota can invest in, such as

Asia, Africa, Brazil, and Latin America.

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