Toyota to increase car prices by 2-3 per cent next month

Toyota to increase car prices by 2-3 per cent next month New Toyota Innova
author image Ninad Ambre
Thursday 15 September 2016, 13:54 PM
Toyota cars to get costlier by 2-3 per cent next month

Toyota Kirloskar Motor (TKM) will bring in a price hike of two to three per cent across all models in their range. This will be effective by the end of this month or early next month.

The upward revision is due to the rising input costs coupled with high prices of raw materials. The Dollar and Yen have seen an appreciation of 10-15 per cent in the last few months adding pressure on the company. In addition, the automaker's profit has been hit by the rising costs of commodities like steel. Also, Toyota imports many components from Thailand and Japan. So the inflation in foreign exchange rates have also affected their overall cost of production.

N Raja, Director and Senior Vice President, said, "There has been increased pressure due to appreciation of Yen and Dollar. Besides, input costs for commodities like steel have gone up. We have been absorbing the cost but we will be reviewing it soon."

Though the manufacturer has not specified the product-wise price revision, the increase in ex-showroom prices will be applicable right from the Liva to the Land Cruiser LC 200. This should also affect the introductory prices of the facelifted Etios sedan and Liva hatchback launched recently.

Source: ETAuto

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