Toyota to hike prices in January

Toyota India has announced that the company will be raising prices of its entire new car range by up to 3 per cent in January 2017.

As of January 1, 2017, Toyota India will be hiking prices of its full new car model range on sale in the country. Prices will be hiked by up to 3 per cent. The company in a release states that the decision to hike prices is backed by a consistent upward trend in foreign exchange rates and increasing manufacturing costs.

“There has been an increase in pricing of raw material commodities like steel, aluminum, 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. Another factor leading to higher input cost in our case is the appreciation of yen in the international market which has increased the cost of parts that we import from Japan,” said N. Raja, Director & Sr. Vice President, Marketing and Sales, Toyota Kirloskar Motor, while expressing his views on the price hike.

We do a periodic review of the prices of our products basis the above factors and take necessary actions. We have been absorbing all the additional costs till now thereby protecting our customers from the price increase. However, owing  to continued pressure of high costs and foreign exchange rates remaining at high levels of above Rs. 68 USD, we have been pressured to increase the cost of our products”, concluded Mr. N. Raja.

Having considered the price hike, if you do not mind buying a 2016 model year car this is a good time to buy a Toyota considering that the company is running its – Remember December Campaign at the moment which is running some offers and benefits for new car buyers including on road financing, EMI Holidays like- buy now and pay in March 2017- on all its models and a special EMI package of as low as Rs. 22,999 in select models of Innova Crysta.

“The Remember December campaign is not just about offering benefits on our products but it is also an effort from our side to meet the needs of the customers to help them overcome difficulties caused due to demonetization. Not just that, we are also accepting cashless payments through various channels of e-transfers to ensure smooth & hassle free buying experiences for our customers thus adding more value to the customer experience and meeting their expectations,” added N. Raja.