New Delhi: Car-maker Toyota Kirloskar Motor (TKM) on Wednesday said it will raise the prices of its vehicles by up to 2% from 1 October onward in order to pass on the impact of rising raw material prices to customers.
“We will raise the prices most probably from 1 October by 1.5%-2%. It is mainly due to rising component costs and appreciation in the yen,” TKM deputy managing director (marketing) Sandeep Singh told reporters on the sidelines of a summit organised by the Society of Indian Automobile Manufacturers (SIAM) here on Wednesday.
The company will raise the prices of all its vehicles manufactured in India, he added.
Toyota Kirloskar Motor has already increased the prices of its vehicles twice this year, in April and July, by a total 3%.
TKM produces the Etios and Corolla Altis sedans, Liva and hatchback, Fortuner SUV and Innova MUV in India.
The Japanese car-maker had on Tuesday said it will hire about 1,500 people for its Indian operations by next year as it is gradually expanding its production capacity in the country.
The company, which is present in India through a joint venture with the Kirloskar Group, is investing Rs 1,650 crore to ramp up its production capacity by one lakh units and increase localisation of components by 2014.