Toyota to Hike Vehicle Prices by Up to 2% From October 1 to Offset Rise in Input Costs

New Delhi, Sep 28: Automaker Toyota Kirloskar Motor (TKM) on Tuesday stated it should enhance costs of its total mannequin vary by up to 2 per cent with impact from October 1 in order to partially offset the influence of rise in enter prices.

The firm, which is a three way partnership between Japan's Toyota Motor Company and Kirloskar Group, sells a variety of automobiles together with Innova Crysta and Fortuner in the home market.

The firm will realign the costs of its fashions, with impact from October 1, 2021, TKM stated in an announcement. Toyota to Stop Selling Mid-Sized Sedan Yaris in India.

All firm fashions besides Vellfire would see an upward enhance in costs from subsequent month.

"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," the automaker famous.

In the final one yr, there was a gradual enhance in the costs of assorted important commodities like metal and valuable metals. It has led to elevated enter prices for the automakers.

Already varied firms have introduced to enhance costs from subsequent month.

Last week, Tata Motors stated it should enhance costs of its industrial car vary by round 2 per cent with impact from October 1. Similarly, the nation largest carmaker Maruti Suzuki India (MSI) has elevated costs of its total product vary, besides Celerio, by up to 1.9 per cent.

The firm had famous that it has taken the choice to hike costs due to a rise in varied enter prices. It was MSI's third value hike this yr.

In the two-wheeler area, Hero MotoCorp has raised costs thrice already this yr.

The firm has made an upward revision in the ex-showroom costs of its bikes and scooters by Rs 3,000 with impact from September 20.

The two-wheeler main had earlier elevated costs of its bikes and scooters by up to Rs 1,500 in January, and once more by Rs 2,500 in April this yr citing rise in enter prices.