Followed by the Mercedes-Benz and BMW which have announced a price hike of up to 2 percent and 3 percent, respectively, Toyota Kirloskar Motor has also now announced that it will increase the prices across its model range by up to 3 percent starting from January 2016 to offset rising input costs and unfavourable foreign exchange fluctuation.
Talking to PTI, TKM director and senior vice-president, sales and marketing, N Raja said, "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", and when asked about the quantum of hike, he said, "We are still finalising the details, but it will be up to 3 per cent."
The Japanese automaker, Toyota Kirloskar Motor currently sells a range of vehicles from compact car Liva Rs 5 lakh to Land Cruiser priced at Rs 1.29 crore (all prices ex-showroom Delhi). The brand is expected to launch the much awaited new Toyata Innova MPV next year and the new Fortuner too, most likely at the end of 2016 or early 2017