Toyota Motor Corporation is planning to launch the new version of the Corolla sedan and the long-in-the-coming Fortuner SUV in 2008. We first reported the upcoming launch of the Fortuner in 2005!

Corolla Altis: Is this the new Corolla?

The Toyota Corolla has seen declining market share since the launch of the Honda Civic in India, and now is a bit long in the tooth. The company has been offering discounts and low-end variants for months now, slowly diminishing its existing stock.

The new Toyota Corolla is currently being tested in India - people have caught spy snaps of the car in several areas.

We have seen two new versions of the Corolla - the Altis and the Axio. Update: Now we know that the new Corolla will be called Toyota Altis in India

From the spy pics, we think it will be the Altis which will come to India.

The Japanese giant would pocket a higher market share in India, whch currently stands at 3 per cent. The new vehicles will be both imported and locally manufactured at the Bangalore facility.

While the next generation Corolla is to be available in the Rs 12-14 lakh range, the Fortuner SUV will come at a price band of Rs 15-19 lakh. The company will position the Corolla against against the newly launched Volkswagen Jetta and Honda Civic, and the Fortuner is expected to fight it out with the Maruti Grand Vitara, Honda CRV, Ford Endeavour and GM’s Captiva in the Indian marketplace.

Besides the new-gen Corolla and the Fortuner, the car maker is also mulling over more products across more segments in the Indian car mart. These are likely to include the luxury model Lexus and the compact car Diahatsu. If plans work out as scheduled, these two new models will be available in the country in a matter of a few years. And that’s not all. With the small car market also holding promise, Toyota is also expected to introduce its small-car aiming at more volumes. The small car from the Toyota stables might debut in year 2010.