Toyota India has announced an imminent price hike for all locally-produced models. Starting 1 October, models such as the Toyota Fortuner, Toyota Innova Crysta, Toyota Glanza, Toyota Urban Cruiser and Toyota Camry will see their prices being hiked by up to two percent, a move forced by the need to partially offset rising input costs, said Toyota in a statement.
“This hike is necessitated to partially offset the increase in input costs. The overall price increase has been tapered down considering the impact on our valued customers,” read Toyota’s statement. The only vehicle in Toyota India’s current portfolio to not see a price hike at present is the Vellfire luxury MPV, which is a full import and is priced at Rs 89.90 lakh (ex-showroom).
This announcement follows the news of the Toyota Yaris sedan being discontinued in India, after having been on sale for just a little over three years.
In the last one year, there has been a gradual increase in the prices of various essential commodities like steel and precious metals. It has led to increased input costs for the automakers.
Already various companies have announced to increase prices from next month.
Last week, Tata Motors said it will increase prices of its commercial vehicle range by around two percent with effect from October 1. Similarly, the country’s largest carmaker, Maruti Suzuki India, has increased prices of its entire product range, except the soon-to-be-replaced Celerio, by up to 1.9 percent. The company had noted that it has taken the decision to hike prices due to an increase in various input costs. It was MSI’s third price hike this year.
In the two-wheeler space, Hero MotoCorp has raised prices three times already this year. The company made an upward revision in the ex-showroom prices of its motorcycles and scooters by Rs 3,000 with effect from September 20. The two-wheeler major had earlier increased prices of its motorcycles and scooters by up to Rs 1,500 in January, and again by Rs 2,500 in April this year citing rise in input costs.
With inputs from PTI