Toyota Cars Witnessed a Hike of up to 1% From June 1st

The Indian subsidiary of the Japanese auto giant, Toyota Motors has very recently announced an increase in the prices of some selected models by up to 1 percent. This appreciation in the prices came into effect immediately after the announcement in order to tackle the losses incurred due to the value depreciation of Indian rupee. In the words of, Mr. Sandeep Singh - the Deputy Managing Director of Toyota Kirloskar Motors’ (TKM) Marketing department, the weakening of the Rupee has made it impossible for us to keep offering the vehicles on the same prices as today and the company has to unfortunately pass on a part of this burden to the customers.

He also indicated that the company has shot up the prices of Toyota Etios sedan and MPV Toyota Innova by 1 percent and the prices of Toyota Fortuner and Toyota Etios Liva by 0.5 percent. The hike in prices will be in effect from June 1, he added. The Toyota Kirloskar Motors had mentioned in past that it is planning on stepping up the exports from India in order to compensate for the losses, which just in the last four months since the value of rupee has started depreciating, have touched Rs. 60 crore. This year in April, the Etios twins were exported to South Africa and this consignment was shipped under the joint venture between the Toyota Motors of Japan and Kirloskar Group of India.

The figure of exports planned by Toyota India stood at 20,000 units per year; TKM also imports a lot of critical components for the engine and the transmission systems for the manufacturing of various models here in India. The devaluation of Rupee has crossed 13 percent since March beginning and the main reason behind the same is the combining of the global risk sentiment and domestic fundamentals that are devolving at the same time.

Read More on : know more on Toyota Prius