Toyota has hiked prices of its three models including Innova, Corolla Altis and Fortuner from this month. The price hike is up to Rs 29,000 depending upon the model and its variant. "The price increase of the Innova, Corolla Altis and Fortuner will be up to 1.50 per cent," a company official said. From October 1 onwards, multi utility vehicle Innova will see a price hike between Rs 10,000 and Rs 17,000, while sedan Corolla Altis by Rs 10,000 to Rs 14,000. The company's sports utility vehicle Fortuner will see a price hike of around Rs 29,000.
Toyota attributed the price hike to fluctuating currencies and dollar-yen variations. Toyota produces the Corolla, Innova and Fortuner at its factory outside Bangalore. It also markets the imported Land Cruiser, Camry, Prado and Prius models.
The Japanese car giant’s decision comes after the country’s largest SUV and tractor manufacturer Mahindra and Mahindra announced raising the prices of its vehicles by Rs.8,000. Tata Motors, Maruti Suzuki and Hyundai Motors India Limited have also recently hiked prices of their models.
Auto manufacturers have steadily increased prices of their models in India owing to the growing market demand. However, there has not been any steady rise in prices in overseas markets where most of the developed countries still continue to reel under economic pressures.
