Toyota will hike car price due to the continued pressure of high costs.
New Delhi: Automobile manufacturer Toyota Kirloskar Motor has said that it will increase prices by up to four percent effective January 1.
The company said that it considered the price hike after periodically reviewing the continuous pressure of increasing manufacturing costs, which is also a general industry phenomenon.
“There has been an impact in the cost of manufacturing of vehicle primarily due to rupee depreciation. Toyota has been absorbing the additional costs all this while, protecting the customers from price increase. However, due to the continued pressure of high costs, we have to pass on a part of it to customers. Toyota is considering a price increase of upto 4 percent across models with effect from 1st Jan 2019. We would like to express our gratitude to our valued customers for the never ending trust and loyalty towards Toyota Products,” the company said in a statement.
Toyota sells a range of vehicles starting from hatchback Liva to luxury SUV Land Cruiser, which are priced between Rs 5.25 lakh and Rs 1.41 crore.