The Indian unit of the Japan based auto major, Toyota Kirloskar Motor, has announced the hike of about 1 percent on selective models from its existing product portfolio in a bid to outweigh the rising losses suffered owing to the value depreciation of rupee. The hike will be imposed with immediate effect and is expected to partly make up for losses caused due to sharp decline in value of the Indian currency.
Mr. Sandeep Singh, Deputy Managing Director – Marketing, Toyota Kirloskar Motor, said in a statement that with the weakening stake of rupee in the Indian market, the automaker is facing tremendous pressure in retaining the current prices and are compelled to announce a shoot up in prices and thereby, partly share the burden of price rise with the customers.
With effect from 1st June, the car maker has surged the prices of the diesel variants of the Etios sedan and Innova, multi-purpose vehicle (MPV) by 1 percent while the diesel powered SUV, Toyota Fortuner and the Etios Liva hatchback will witness a rise of 0.5 percent in their prices.
The automaker had stated earlier that the constantly depreciating rupee over the last few months had cost the company a whopping loss of over Rs. 60 crore owing to which, initially the company was planning to step up the exports from India to offset the losses suffered.
Toyota Kirloskar Motor made an entry into the overseas market with the first consignment of Etios line shipped to South Africa in April this year.
