Toyota To Increase Vehicle Prices From April 1, Cites Rising Input Costs Behind Price Hike

The Indian subsidiary of the Japanese auto manufacturer has not yet disclosed the quantum of the price hike however, the prices of the cars will be increased depending on the models and variants.

Toyota Kirloskar Motor (TKM) has announced a price hike across all its models in the Toyota India line-up, with effect from April 1, 2021. Citing rise in input costs for raw materials as the reason behind the price hike, the automaker said that it has tried to absorb the cost increase and only a minimal portion will be passed on to customers.

In a statement, Toyota Kirloskar Motor has said that the 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."

The Indian subsidiary of the Japanese auto manufacturer has not yet disclosed the quantum of the price hike however, the prices of the cars will be increased depending on the models and variants.

It is to be noted that the rising input costs have been a steady concern for automakers. Prices of key metals used in vehicles manufacturing, including steel, aluminium have increased substantially which in led to the increased production cost for auto companies.

Recently, several other brands announced price hikes from next month onwards. Besides Toyota, auto firms like Maruti Suzuki India, Renault and Isuzu have also announced to raise prices from next month. Hero MotoCorp also announced a price hike from next April.

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