Toyota mulls vehicle price hike by up to 3% from Jan to offset input costs

Published On: 07, Dec 2017 | Source:

Kirloskar Motor (TKM) on Thursday said it is considering to increase prices of its models by up to 3 per cent from January, to offset the 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 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, is considering a price increase of up to 3 per cent across models with effect from January," the spokesperson said.

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

Yesterday, 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 by 2-3 per cent across the entire model range from January 1.