Toyota Kirloskar Motor, the Indian subsidiary of Toyota Motor Corp., is all set to raise the prices of entire range of locally-produced vehicles by up to 3 per cent from January 1. The price hike decision of the company is mainly due to the depreciating value of the rupee against the yen.
Sandeep Singh, Deputy Managing Director (Marketing), Toyota Kirloskar Motor (TKM), “For the last three months, we have been absorbing the pressure of currency fluctuations. Now we have decided to pass on some burden to customers. We will raise the prices by 1.5-3 per cent from January 1.”
The final rates of price hike will be decided by the end of this month. However, the price hike will vary for different models. “Although we have not finalised the exact amount of hike for each models, the highest will be for our SUV Fortuner and it will be about Rs 50,000,” Singh said.
This will be one of the steepest hikes that the company will undertake in the recent years.
“Generally we raise prices by 1-2 per cent. However, the impact of rupee depreciation and yen strengthening is so much this time that we have to undertake such a steep hike for our products,” Singh added.
