Toyota Also Rises Car Prices Post Budget

Published: Saturday, March 17, 2012, 16:47 [IST]

Toyota Kirloskar Motors has followed major carmakers today by announcing a price hike of all its models sold in India following the increase in excise duty on cars and increased custom duty on imported cars. The Japanese carmaker has announced a price hike ranging between 2% and 4%.

Toyota Kirloskar has stated that it had no other option but to increase prices considering the increased cost it had to bear on each car sold. The company's Deputy Managing Director, Sales and Marketing in his statement said: “A rise in excise and import duty and input costs will not be very conducive for the Indian auto market as additional burden of increased duty will directly affect the buyers and hence would lead to sluggish sales. CBU (completely built unit) prices will also be affected on account of rise in customs duty.”

The price hike will effectively increase the price of the Etios' petrol variant by Rs.11,500. The diesel variant of the Etios will see its price increase by Rs.13,600. The Etios Liva's price will be increased by Rs9,500 and Rs.11,500 for the petrol and diesel variants respectively.

The Fortuner, Toyota's most popular SUV in India will see its price increase by a staggering Rs.80,000. The Corolla Altis sedan's petrol version is pricier by Rs39,000 and the diesel variant will cost higher by Rs.26,500. The Innova will now cost Rs.32,500 after the budget.

Toyota's CBU models, the Camry, Prado, Land Cruiser and Prius will also be costlier as the government has also increased custom duty on imported cars. Toyota will reveal the effective price hike of these models in a few days.