Toyota to hike vehicle prices next month
Bengaluru: Toyota Kirloskar Motor (TKM) is planning to increase vehicle prices from next month in order to partially offset rise in input costs.
The company, which is a joint venture between Japanese auto major Toyota and Kirloskar group, currently sells a range of vehicles from hatchback Etios Liva with price starting at Rs 5.49 lakh to luxury SUV Land Cruiser tagged at Rs 1.41 crore (ex-showroom Delhi) in the country.
"Challenges in terms of rising input costs have been there. We are holding on to it (price increase) for some time now. Shortly, we will be doing it. It could be even as early as next month," TKM Deputy Managing Director N Raja said.
The company is currently working on the quantum of price hike, he added.
Luxury car makers such as Audi, JLR and Mercedes-Benz have hiked prices ranging between Rs 1 lakh to Rs 10 lakh from this month to pass on increase in custom duties.
When asked about sales growth in the current calendar year, Raja said the industry is expected to grow in the range of 8-9 per cent and TKM growth is also likely to be in that range.