Toyota Kirloskar Motor (TKM), the Indian arm of Toyota Motor Corporation has announced a hike in price of its entire range of vehicles by 3% with the effect from 1 January 2016. TKM is yet to finalize the details on the quantum of hike on individual models and the hike in price is due to the rising input costs and unfavourable foreign exchange fluctuation.
"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," said N Raja, Director and senior vice-president, sales and marketing of TKM to PTI.
The increase in price will be effective for Liva hatchback, Etios sedan, Etios Cross hatchback, Innova MPV, Corolla Altis sedan, Fortuner SUV, Camry sedan, Land Cruiser Prado and 200 SUVs and the Prius hybrid car. The Liva range currently starts at Rs 5 lakh and top in the line-up, Land Cruiser 200 has been retailing at 1.29 Crore, all prices ex-showroom, Delhi.
German brands Merecedes-Benz and BMW already announced the increase in price by 2% and 3% respectively from the January. Many manufacturers are expected to increase the price of their vehicles in the coming days.