Toyota India to hike car prices by up to 3%

Published On Dec 06, 2011 05:47 PM By Meenal for Toyota Fortuner 2016-2021

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Toyota India intends to take the risk and enforce a price hike on its entire line-up of cars in India effective January 1st. This includes only the locally built Toyota models leaving the CBU imports out of it. However, the 3% price hike is likely to astonish many while the other car manufacturers are contemplating a slight increase not more than 2 %. Toyota’s flagship model Toyota Fortuner SUV is expected to see the highest price hike of around Rs 50,000. However, the auto major has not revealed much on the hikes on rest of its car models.

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The price hike comes more of a surprise as the auto major had increased the prices on the Toyota models for three times in the current year with the latest upto 1.5% only in last October. On an overall the Toyota car prices have been increased by around 5% since last year. Sandeep Singh, the president of the Toyota Kirloskar Motors has given the clear picture as to why they are heading for another price hike. The input costs of steel and other alloys that go into production are definitely on a rise. The Yen has taken an upward trend which is getting stronger by each day.

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This is how a chunk of profit is eaten away as it increases costs of the component imports. Apparently, they have waited for three months to see if the situation will get under control. However, now the Japanese car manufacturer intends to find a new shoulder to burden their concerns. So, it’s the entire fleet of Toyota cars right from the lowest priced Toyota Etios Liva to its flagship MPV Toyota Innova to see a price hike to some extent. Toyota Land Cruiser might not be on the deal being the one to be imported as a CBU. However, the price hike on Fortuner and Innova will be on the revamped versions. The Japanese auto giant has the launch the new Toyota Fortuner and Innova on the cards for the 2012 Auto Expo.