Toyota Kirloskar Motor has announced that it will be increasing the prices of all its vehicles beginning from April 1, 2021. The news does not come as a huge surprise as recently other car manufacturers such as Maruti Suzuki, Nissan, Renault and Isuzu also issued statements saying that they would increase the price of their vehicles with the start of the new fiscal year. The reason for the hike also seems to be consistent across the various brands. It has been attributed to the increase in production cost and materials.
The following statement was issued by the carmaker:
TKM today indicated that the company will realign the prices of its models, with effect from 1st April 2021. This increase is necessitated to offset the substantial increase in input costs. During such testing times, it has been our endeavor to absorb cost increases through our internal efforts, and only a minimal portion will be reflected onto the prices. As a customer-centric company, we reinforce our commitment to cater to the ever-evolving needs of our customers by consciously minimizing the impact of rising costs on consumers.
Toyota reported that sales had grown by 36 per cent in the month of February this year. The company sells models like the Innova Crysta, Fortuner, Yaris, Camry, Vellfire, Urban Cruise and Glanza in India. The exact amount or percentage hike has not been revealed by the company but we do expect it to be in line with what other manufacturers have done. The cost of components has gone up and so it is only natural that the end product becomes more costly. Popular models like the Fortuner and Innova Crysta are currently being sold for a starting price of Rs 29.98 lakh and Rs 15.85 lakh (ex-showroom) respectively. The Toyota Glanza, which is a rebadged version of Maruti Suzuki Baleno, is the company’s most affordable product in the market and sells for Rs 7.18 lakh (ex-showroom). The most expensive model in the line-up is Vellfire, which retails at Rs 87 lakh (ex-showroom).
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