Toyota Kirloskar Motors, subsidiary of Japanese car maker Toyota Motor Corp., is going to hike the prices of its cars by 1.5 percent-to-2 percent from October 1 due to the rising input cost and Yen appreciation. The company is the second manufacturer to announce a price hike this week. Earlier this week, Mahindra also announced a hike on similar lines, citing rising input costs as the reason.
“The prices would be raised from the first of October. The increase will be in the range of 1.5 percent-to-2 percent,” Sandeep Singh, deputy managing director, marketing, Toyota Kirloskar Motors. According to Singh, the move is being undertaken due to the increasing prices of input cost and appreciation in the Japanese Yen.
“This is being done to pass on the increasing input cost and the appreciation in the value of Yen to the consumers,” Singh said adding that the prices of all the company’s vehicles would be increased except for the entry-level sedan Etios and hatchback Etios Liva.
“The prices would be increased on all our vehicles,” Singh said.
Earlier the company had raised prices by 1.5 percent each in April and July.
