Toyota to hike car prices by up to 3% from January 1

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Toyota Kirloskar Motor (TKM) today said it will increase prices of its vehicles by up to 3 per cent from next month to offset increased input cost and consistent upward trend in foreign exchange rates.

“There has been an increase in pricing of raw material commodities like steel, aluminium, copper and rubber over a period of the last six months and this puts a lot of pressure on us as all this has been leading to a higher input cost on our end,” Toyota Kirloskar Motor Director and Senior Vice President (Marketing and Sales) N Raja said in a statement.

Another factor leading to higher input cost is the appreciation of the yen in the international market, which has increased the cost of parts that the company imports from Japan, he added.

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