Toyota mulls price hike by up to 3% from 1 January, cites rise in input cost

New Delhi: Toyota Kirloskar Motor (TKM) on Thursday said it is considering to increase prices of its models by up to 3 percent from January, to offset impact of rising input costs.

The company considered the price rise after reviewing input and freight costs periodically, which is also a general industry phenomenon, TKM said in a statement.

“There has been an increase in the cost of manufacturing of vehicles. Frequent fluctuation in the global commodity prices and foreign exchange rates have continued to impact our input costs, from both domestic as well as import fronts,” a company spokesperson said.

TKM has been absorbing the additional costs all this while, protecting the customers from price increase, the spokesperson added.

“However, due to the continued pressure of high costs, Toyota is considering a price increase of up to 3 percent across models with effect from January,” the spokesperson said.

The company sells models ranging from hatchback Etios Liva with price starting at Rs 5.2 lakh to Land Cruiser 200 priced at Rs 1.35 crore (ex-showroom Delhi)

On Wednesday, Honda Cars India announced to hike vehicle prices by up to Rs 25,000 from January to offset the impact of rising input costs.

Earlier this month, Isuzu had announced to increase prices of its models by up to Rs 1 lakh. Last month, Skoda Auto India announced that it will hike prices of its vehicles by 2-3 percent across the entire model range from 1 January.