Toyota to increase prices by up to 3 per cent in India from January 1

Team OD Updated: December 29, 2016, 11:46 AM IST

Toyota Kirloskar Motor has decided to increase the prices of its vehicles by up to 3 per cent from January 01, 2017. The increase in manufacturing costs and an upward movement of foreign exchange have prompted the company to make the decision.

Fortuner 1

Over the past six months, the rise in prices of the raw materials like steel, aluminium, copper and rubber has put a lot of pressure on the car manufacturers. Even the appreciation of yen in the global market has increased the import cost of parts from Japan.

"Owing to continued pressure of high costs and foreign exchange rates remaining at high levels of above Rs 68 USD, we have been pressured to increase the cost of our products," said N Raja, director and senior vice president - marketing and sales, Toyota Kirloskar Motor.

The company has also announced the 'remember December campaign' to help customers overcome cash crunch caused due to demonetisation. Under this campaign, a customer can avail 100 per cent on road financing, buy now and pay later (March 2017), and get an EMI package of as low as Rs 22,999 on select Innova Crysta models.

In January 2017, Toyota Kirloskar Motor is also planning to launch the new Prius hybrid in India. The refreshed hybrid was first showcased at the 2015 Frankfurt Motor Show.

The new Prius is the first car based on the Toyota New Global Architecture (TNGA) which, as the company claims, will give customers a better driving experience. The company hasn't confirmed its price yet, but we expect the new Prius to be priced between Rs 30-40 lakh (ex-showroom, Delhi).


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