Toyota Kirloskar Motor (TKM) is planning to increase its prices by 2%-3% across its model range. The price hike will be effective soon. The price revision on models is due to rise in input costs along with an increase in commodity prices like Steel etc. Moreover, the inflation in currency has also affected the cost of production.
N Raja,Director and Senior Vice President, TKM said "There has been increased pressure due to the appreciation of yen and dollar. Besides, input costs for commodities like steel have gone up. We have been absorbing the cost but we will be reviewing it soon,"
Also Read about -Toyota Etios facelift launched: Is the Platinum finally enough?
Recently Hyundai and Maruti also increased the prices on all its products. This was the third time in a year when the Indian manufacturer hiked its vehicle prices by Rs 20,000 while the South Korean carmaker's models also saw a hike in prices by Rs 3000 to Rs 20,000 depending on the product.
In the month of August 2016, Toyota Kirloskar Motor witnessed a growth of 15% in its domestic sales. The company sold 12,801 units in the domestic market while in exports segment they sold 1,244 units of the Etios Series in last month. For the upcoming festive season, the company is also planning to introduce the special scheme and offers for its customers. On the basis of the special scheme, the customer can avail a loan tenure up to 8 years at lowest EMI and 100% road funding. Planning to buy a Toyota anytime soon? Do so now before the price hike!