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Automaker Toyota Kirloskar Motor (TKM) on Tuesday said it will hike the prices of its models with effect from next month.

The company will realign the prices of its models, with effect from 1 October 2021, Toyota Kirloskar Motor (TKM) said in a statement.

The company, which is a joint venture between Japan's Toyota Motor Company and Kirloskar Group, sells a range of vehicles including Innova Crysta and Fortuner in the domestic market.

“TKM today indicated that the company will realign the prices of its models, with effect from 1st October 2021," it said in a statement. The increase is necessitated to offset the substantial increase in input costs, it added.

"This hike is necessitated to partially offset the increase in input costs. The overall price increase has been tapered down considering the impact on our valued customers. As a customer-centric company, we remain committed to cater to the ever-evolving needs and requirements of our customers by consciously minimizing the impact of rising costs on consumers."

The price increase is in the range of 1.5% to 2% and will be applicable on all models of TKM except Vellfire.

TKM sells a range of vehicles, including hatchback Glanza, compact SUV Urban Cruiser, multi-purpose vehicle Innova Crysta, premium and SUV Fortuner, among others.

The company had last increased the price of its vehicles in April this year.

On Monday, Toyota Kirloskar Motor (TKM) said it will stop selling its mid-sized sedan Yaris in India with immediate effect as part of its product strategy to cater to the evolving needs of customers.

The company had launched the Yaris in May 2018 at a price range of 8.75 lakh and 14.07 lakh (ex-showroom), competing with the likes of Honda City, Hyundai Verna and Maruti Suzuki Ciaz.

However, it didn't have a robust response in the market, clocking a cumulative wholesales of around 19,800 units.

Over the last two decades, the company said it has been harnessing its manufacturing capabilities to bring in world-class products to Indian consumers.

"As a part of this endeavour, we will continue to leverage our leadership and vast expertise in cleaner technologies to refresh our product portfolio to meet the evolving customer choices and enable a greener mobility," it added.

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