Toyota Kirloskar Motor, the maker of best selling MPV in India -- the Innova Crysta -- is all set to increase prices for its vehicles by the end of this month or early next month.
"There has been increased pressure due to appreciation of yen and dollar. Besides, input costs for commodities like steel have gone up. We have been absorbing the cost but we will be reviewing it soon," TKM Director and Senior Vice President N Raja told PTI. The quantum of price hike on each model is expected to be in the range of two to three percent.
The best seller of TKM will be the most affected model with the price hike. When the company launched the new version in May this year, the price was increased by nearly Rs. 1.5 lakh from those of the base models. Whether another price hike will be accepted by the customers remains to be seen.
Apart from Innova Crysta, TKM sells Liva hatchback, Corolla Altis, Etios and Camry sedans, and Fortuner, Land Cruiser and Land Cruiser Prado SUVs in India priced between Rs. 5.13 lakh and Rs. 1.34 crore (ex-showroom Delhi).
Last month, India's leading carmakers Maruti Suzuki and Hyundai Motor India Limited hiked prices of their vehicles. Maruti Suzuki introduced an increase in the price of its vehicles from Rs. 1,500 to Rs. 20,000 from Aug.1 while Hyundai increased the prices of its vehicles by Rs. 3,000 to Rs. 20,000 with effect from Aug. 16.