Toyota is joining the list of companies which have announced an increase in prices starting from the first day of next year. Toyota Kirloskar Motor has said the company will hike prices across its models by up to 3% from January 2018. The company considered the price rise after reviewing input and freight costs periodically, which is also a general industry phenomenon. With this Toyota has joined Honda, Isuzu and Skoda in raising cars prices. Earlier this month, Isuzu had announced to increase prices of its models by up to Rs 1 lakh, and in the month of November, Skoda Auto India announced a price hike by up to 2-3% across its model range starting 1 January.
“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. Toyota has been absorbing the additional costs all this while, protecting the customers from the price increase. 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 2018.
To further enhance customer delight in the year end, we are offering bountiful offer under the Remember December Campaign for Toyota customers. Under Remember December Campaign, our customers can avail attractive schemes like 100% on road financing, interest rates starting at 4.99%, special EMI package. It also comprises of benefits ranging from Rs 40,000-Rs 90,000 varying from model to model across regions, also including additional benefits for Government and Corporate Employees. All these offers are valid up to December 31st”, as said by Toyota Kirloskar Motor spokesperson.
Earlier this month, Toyota reported a 13 percent rise in domestic sales at 12,734 units in November. The company had sold a total of 11,309 units in the same month last year, TKM said in a statement. TKM exported 686 units of the Etios series in November 2017 compared to 1,284 in the same month last year, a decline of 46.57 percent. On the sales performance, TKM Director and Senior Vice- President - Sales and Marketing N Raja said: "The November month has been promising for us with a double-digit growth.