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Toyota India has announced a price hike across some of its models in the country's lineup. According to the company, the main reason for the price hike is rising input costs. The price hike on the Toyota models will come into effect from the 1st April 2019.
N Raja, Deputy Managing Director, Toyota Kirloskar Motors India, stated:
"Toyota Kirloskar Motor will increase the prices of some of its products effective 1st April 2019. We have been absorbing additional costs through a bouquet of cost reduction measures including refinement in the production process. However, considering the trend of continuous increase, we are constrained to pass on a small portion to the customers. The company will continue its efforts to contain costs and offer the best value to our loyal customers."
The company stated that they have been absorbing most of the additional costs till now, however, the increasing prices for raw materials and other input costs will be passed on to customers in small portions.
Toyota is yet to confirm the exact amount of price hike, or the models which will be affected by the hike. This might be announced closer to the implementation of the hike or at that time itself.
Toyota recently launched added a new variant to its very-popular MPV offering, the Innova Crysta. The Toyota Innova Crysta G+ variant is offered with a price tag of Rs 15.57 lakh, ex-showroom (Delhi). The G+ variant will be the new base variant of the MPV product in the market and will be available in both seven and eight-seater configurations.
Toyota is also planning on introducing more premium MPV products in the Indian market, with the Hiace and the Alphard. If the plan goes through, the Japanese brand will bring the two high-end MPVs to the Indian market within the next 12 to 18 months. The company will make use of India's new import regulation norms to bring in the two products.
Thoughts On The Toyota Price Hike
Toyota will hike prices of certain models in the country, starting next month. Currently, the Japanese carmaker is yet to announce any specific details regarding the increase in prices. However, this is not the first time, for such an increase.