Toyota Kirloskar Motor has cited rise in input cost as the primary reason of the price hike.
Toyota models are set to become expensive from October 01, 2021. The Japanese carmaker has announced an imminent price hike without specifying the percentage or amount that will be increased. The price will vary for different models and variants and the company says that it has tried to keep the hike in check without passing on the entire cost increase burden to the buyers. Toyota Kirloskar Motor has cited rise in input cost as the primary reason of the price hike.
In a statement the company said, “TKM today indicated that the company will realign the prices of its models, with effect from 1st October 2021. This hike is necessitated to partially offset the increase in input costs. The overall price increase has been tapered down considering the impact on our valued customers. As a customer-centric company, we remain committed to cater to the ever-evolving needs and requirements of our customers by consciously minimising the impact of rising costs on consumers.”
Toyota is the not the only carmaker increasing prices. Earlier this quarter, automakers like Maruti Suzuki, Tata Motors, and Volkswagen too have increased prices across their model range. Earlier this week, Toyota also announced discontinuing the Yaris compact sedan in India effective from September 27, 2021. It’s part of the company’s new product strategy, under which the company will launch some new models in 2022. The carmaker announced that it will continue to offer aftersales support to existing Yaris customers through its dealer service outlets across the country and will continue to offer Toyota genuine spare parts for the discontinued Yaris, at least for the next 10 years.