Toyota Motors has announced that there will be a price hike of around 2% across its range starting from January 2, 2016. The price hike is aimed at setting off the rising input costs. The Japanese manufacturer operates in a Joint Venture with Kirloskar Motors in India called Toyota Kirloskar Motors. However, the company has still not issued any details about the extent of impact on individual products.
“We have been holding back a price hike and absorbing for a long time, but input costs, electricity, maintenance and foreign exchange have increased. Therefore, we have decided to increase prices of our vehicles from January,” Toyota Kirloskar Motors, director and senior vice-president, sales and marketing, N Raja told PTI. “We are still finalising the details, but it will be up to 3 per cent.” he added when asked about the extent of impact on individual products.
The Japanese manufacturer sells a wide range of products starting from Etios Liva at INR 5 lakhs. The costliest model the company sells is the Land Cruiser at INR 1.29 crore. The most successful model from the automaker is the Innova. It is India’s favorite MPV. The flagship is awaiting a new generation at the Auto Expo 2016.
Toyota has recently announced its future plan in the Indian market. The automaker will aim at the premium car segment rather than the entry-level budget cars. The company will also focus on safety features. The Innova and the Fortuner will get dual front airbags as standard. This is a very good initiative especially keeping in mind the unsafe roads of our country.
Also Read – Toyota aims at providing India with safer cars
The price hike will not be seen on Toyota cars only. Mercedes Benz India and BMW have recently announced a similar price hike. The Mercedes cars will see a price hike of 2%. Whereas BMW cars along with the Mini brand will see a 3% price hike. These hikes will also be implemented from January onward.