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Toyota Kirloskar Motors (TKM) has announced a price hike of its entire cars line-up sold in the Indian market. The company will be increasing the prices of its cars starting from April 1, 2021. This will be the second price hike issued by the company this year.
The first price hike was issued by the brand at the start of this year in January. The company is yet to announce the exact percentage of the price increase for each model. However, the price increase will differ for each model, variant and market region across the country.
Automakers are being forced to increase the price of their products due to the rising input costs of manufacturing. This includes the constantly increasing cost of steel, aluminium, and plastics. Additionally, the Covid-19 pandemic is still very much present in India, which could also pose some challenges to brands in the production of vehicles.
The company has released a statement regarding the price hike decision and it stated "TKM today indicated that the company will realign the prices of its models, with effect from 1st April 2021. This increase is necessitated to offset the substantial increase in input costs. During such testing times, it has been our endeavour to absorb cost increases through our internal efforts, and only a minimal portion will be reflected onto the prices.
As a customer-centric company, we reinforce our commitment to cater to the ever-evolving needs of our customers by consciously minimizing the impact of rising costs on consumers."
Some of the most popular cars in Indian are manufactured by Toyota. This includes the evergreen Toyota Innova Crysta and the brawny premium SUV, the Toyota Fortuner. Apart from this, the company is also offering a couple of sedan models starting with the Yaris and the brand's premium sedan offering, the Camry.
Toyota has entered into a joint venture with Maruti Suzuki, which enables both brands to share technologies and platform. As a result of the JV, Toyota is now selling two of the Maruti Suzuki's offering, the Baleno and the Vitara Brezza with a rebadge and slight changes. Both models under Toyota's staple are called the Glanza and the Urban Cruiser, respectively.
The Urban Cruiser now becomes the brand's first compact-SUV offering in the country. It is also Toyota's entry-level SUV offering as well. Apart from locally manufactured cars, the company is also offering luxurious and feature-packed Vellfire MPV.
Thoughts About The Toyota Cars Prices Increased Again This Year
Toyota becomes the latest automaker in the Indian market to announce a price hike of its entire line-up of cars starting next month. The model-wise exact amount of the price increase is yet to be announced by the brand. The rising input costs in manufacturing are making the cars dearer in the country.