Toyota Kirloskar Motor today said it will hike prices of its key models by up to Rs 24,000 with effect from September 21, to partly offset higher cost of raw materials and rupee depreciation.
The company said the price increase of the Etios, Etios Liva, Innova and Corolla Altis will be increased by up to 1.50 per cent.
"Due to inflation, falling rupee and increase in the cost of materials, the company was forced to pass on the increase in cost to the customers," Toyota Kirloskar Motor said in a statement.
The company said the multi-purpose vehicle Innova will be costlier by Rs 7000 to Rs 11,000 from its current price of Rs 9.77 lakh to Rs 14.42 lakh.
Sedan Corolla Altis will be dearer by Rs 11,000 to Rs 24,000 from the existing price of Rs 11.74 lakh to Rs 15.89 lakh. Mid-sized sedan Etios will see a hike ranging from Rs 4,000 to Rs 8,000 from its current price of Rs 5.45 lakh and Rs 8.15 lakh.
The company further said the compact car Etios Liva will cost Rs 4,500 to Rs 8,600 more from the present price of Rs 4.46 to Rs 6.59 lakh (all prices ex-showroom Delhi) with effect from September 21.
Earlier this month, Ford India had hiked prices by 1-5 per cent on different models with immediate effect to offset rising input costs.
Last month, German luxury car maker Mercedes-Benz had hiked prices of its entire model range in India by up to 4.5 per cent from September 1 to partly offset impact of rupee depreciation and higher import duties.
General Motors India had also hiked the price of its three models by up to Rs 10,000 from the first week of September.
Earlier, BMW group had raised the price of its products across models, including the Mini, by up to 5 per cent. In July, Audi had also hiked prices across its models in India by up to 4 per cent.
Although it had recovered a bit in the past one week, the rupee has depreciated against US dollar for a prolonged period. It has weakened over 17 per cent against