Toyota to hike vehicle prices by up to 3 per cent from January

Japanese auto major Toyota will hike prices of its vehicles across all models in India by up to 3 per cent from January to offset rising input costs and unfavourable foreign exchange fluctuation.

The company, which is present in India through a joint venture with the Kirloskar group —Toyota Kirloskar Motor (TKM) — is, however, yet to finalise the details on the quantum of hike on individual models.

“We have been holding back a price hike and absorbing for a long time, but input costs, electricity, maintenance and foreign exchange have increased. Therefore, we have decided to increase prices of our vehicles from January,” TKM director and senior vice-president, sales and marketing, N Raja said.

When asked about the quantum of hike, he said: “We are still finalising the details, but it will be up to 3 per cent.”

TKM sells a range of vehicles from compact car Liva with price starting at Rs 5 lakh to Land Cruiser tagged at Rs 1.29 crore (all prices ex-showroom Delhi).

Already German luxury car makers Mercedes Benz and BMW have announced that they would increase prices of their vehicles across models by up to 2 per cent and 3 per cent, respectively, from January to offset rising input costs.