Toyota, the Japanese car major announced a price hike of upto 3% across its complete range of models available in India. Toyota Kirloskar Motors (TKM) is a joint venture between Toyota and the Kirloskar Group. The company cited rising input costs and adverse foreign exchange variations as reasons for implementing the price hike. The company said that the hike amount on each individual car is yet to be finalized.
Narayan Raja, Director and Senior Vice-President, Sales and Marketing, Toyota Kirloskar Motors said to PTI “We have been holding back a price hike and absorbing for a long time, but input costs, electricity, maintenance and foreign exchange have increased. Therefore, we have decided to increase prices of our vehicles from January,” He futher added “We are still finalising the details, but it will be up to 3 percent.”
TKM currently sells a range of vehicles in India starting from the Liva priced at Rs. 5 lakh to the Land Cruiser priced at Rs. 1.29 Crore ( All prices, Ex-Showroom Delhi). The company is following suit after BMW and Mercedes also plan to hike the prices of their complete range available in India by 3% and 2% respectively. These companies also plan to hike the prices starting January 2016.