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Toyota to hike prices for second time in three months

The maker of the popular SUV Innova had in January hiked prices of its entire product range by up to 4% from January 2019, citing an increase in production costs

Toyota Kirloskar Motor (TKM) will increase the price of some of its models from April to offset rise in input costs, the second time in less than three months.

The maker of the popular SUV Innova had in January hiked prices of its entire product range by up to 4% from January 2019, citing an increase in production costs. Other carmakers such as Maruti Suzuki, Hyundai India and Honda Cars had also raised prices from January.

TKM deputy MD N Raja said the company has so far been absorbing additional costs through cost reduction measures including refinement in production process. “However, considering the trend of continuous increase, we are constrained to pass on a small portion to the customers,” he said in a statement. TKM, however, did not disclose the models that would become costlier.

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Carmakers usually raise prices twice a year — in January and in a mid-year month — generally done to offset the changes in input cost. Post September last year, vehicles have become expensive as three-year third-party insurance became compulsory, leading to slowdown in demand for all the automakers.

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Source: Financial Express