Toyota mulls price hike by up to 3% from January
New Delhi: Toyota Kirloskar Motor Pvt. Ltd (TKM) on Thursday said it is considering to increase prices of its models by up to 3% from January, to offset impact of rising input costs.
The company considered the price rise after reviewing input and freight costs periodically, which is also a general industry phenomenon, TKM said in a statement. “There has been an increase in the cost of manufacturing of vehicles. Frequent fluctuation in the global commodity prices and foreign exchange rates have continued to impact our input costs, from both domestic as well as import fronts,” a company spokesperson said.
TKM has been absorbing the additional costs all this while, protecting the customers from price increase, the spokesperson added. “However, due to the continued pressure of high costs, Toyota is considering a price increase of up to 3% across models with effect from January,” the spokesperson said.
The company sells models ranging from hatchback Etios Liva with the price starting at Rs5.2 lakh to the Land Cruiser 200, priced at Rs1.35 crore. On Wednesday, Honda Cars India Ltd announced to hike vehicle prices by up to Rs25,000 from January to offset the impact of rising input costs.
Earlier this month, Isuzu Motors Ltd had announced to increase prices of its models by up to Rs1 lakh. Last month, Skoda Auto India announced that it will hike prices of its vehicles by 2-3% across the entire model range from 1 January.