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Toyota Kirloskar Motors India will be increasing prices of their entire range of products. The hike in prices will be up to 4 per cent and will be effective from the 1st January 2019.
The price hike from Toyota India is mainly to offset the continuously increasing manufacturing costs, a 'general industry phenomenon' as stated by Toyota.
Regarding the price hike, Toyota Kirloskar Motors stated that the impact in the cost of manufacturing is mainly due to the depreciation of the Indian Rupee. The company also stated that they had been absorbing the costs all along, however, due to the continued pressure, a part of the cost has been passed on to the customer.
The price hike from Toyota will affect all models in the company's Indian portfolio. This includes the Innova Crysta, Fortuner, Yaris, Etios, Etios Liva, Land Cruiser Prado, Prius, Camry and the Corolla Altis.
Toyota India, earlier this year launched the Yaris sedan in the Indian market. The Toyota Yaris has been a successful model, which along with the popular Innova Crysta MPV has been roping in consistent sales figures for the company.
Toyota isn't the first company to announce an increase in the prices of their products. Recently, the German brand BMW also announced a price hike for their products in India, by a similar increase of up to 4 per cent.
However, the hike in prices from the German brand will be limited to their BMW cars and will not reflect on MINI and BMW Motorrad. BMW prices are also said to be increased from the 1st January 2019.
Thoughts On Toyota Price Hike
Toyota Kirloskar India is the second brand to announce an increase in prices of their product lineup in the country. The hike will see an increase in prices of the entire portfolio of Toyota India by up to 4 per cent.