Toyota Kirloskar Motors, the Indian unit of the leading Japanese car maker Toyota, said on Wednesday that it will hike the prices of its existing models from 1st of October. The company has blamed the increasing input cost and appreciation in Yen for this hike. The Toyota car prices will be increased in the range of 1.5 to 2 percent.
Speaking to the reporters at the occasion of the annual summit of Society of Indian Automobile Manufacturers (SIAM), deputy managing director marketing, Toyota Kirloskar Motors, Mr. Sandeep Singh, said, "The prices would be raised from the first of October. The increase will be in the range of 1.5 percent-to-2 percent."
The announcement of price hike from Toyota has come at a time when, many other auto biggies are planning to revise the price of their vehicles in the Indian auto market. The leading utility vehicle maker Mahindra and Mahindra has already announced to hike the price of its cars in the Indian auto market. General Motors India has already stated that it would revise its car prices this month.
The price hike will be applicable on all Toyota vehicles in the Indian market except Liva and Etios sedan. The prices of entry level sedan Etios and compact hatchback Liva will remain unchanged.
This is not the first time in this year when Toyota Kirloskar is raising the price of its vehicles as it had raised the prices by 1.5 percent in April as well as in July.
