Toyota Announces Price Hike by 3% from 2016
Japanese carmaker Toyota has announced that it will be increasing the prices of its cars in India by up to 3% from January. Venturing in India in collaboration with the Kirloskar group (making it Toyota Kirloskar Motors), Toyota is dealing in a whole range of vehicles from Liva to Land Cruiser here.
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The hike is announced at a time when the company claims that the input costs are rising and it also needs to balance the unfavourable foreign exchange fluctuation. "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," said N Raja, director and senior vice-president (sales and marketing) of Toyota Kirloskar Motors while talking to PTI. Although the company has not finalised the quantum of the hike on individual models, N Raja elaborated, “We are still finalising the details, but it will be up to 3 percent."
Toyota has just fallen in line with the German carmakers like Mercedes-Benz and BMW who recently announced price hike by 2% and 3% respectively. They too will be implementing it from January. The price hike also comes into the backdrop of the devaluation of rupee which plunged to its fresh two-year low against the US dollar yesterday.
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