Toyota Kirloskar Motor (TKM) will increase the price of its key models, Innova (in the range of Rs 10,000 to Rs 25,000) and Corolla Altis (Rs 16,000 to Rs 25,000) from January one.
Sandeep Singh, Deputy Managing Director, Marketing, TKM, said: “Due to circumstances beyond our control, such as the increase in the rupee, dollar exchange rate by 20 per cent in the last three months, we have been forced to increase the price of our vehicles. However, TKM has tried to absorb the price increase as much as possible, limiting the increase to the customer”.
Despite the recent reduction in CENVAT, where TKM had reduced prices passing on the excise duty benefits of four per cent reduction entirely to the customer, the current increase is inevitable, the company said.
Singh indicated that TKM would be actively promoting the Corolla Altis and Innova and able to maintain its marketshare for both the models in 2009.