The arrival of the year 2016 will definitely not ring a happy note for all those people who are planning to bring home a new car in the New Year. Although a pretty common happening in the auto industry, the news of car price hike is never a welcome thing for the Indian car buyers. Going in line with several auto majors operating in India, Japanese car major Toyota has also announced that it is going to increase the prices of its offerings in the Indian car market starting from January, next year.
Toyota’s Indian presence in its Indian joint venture Toyota Kirloskar Motor (TKM), has already revealed its decision to hike the prices of all its vehicle model offerings in the Indian portfolio by 3 percent. The price range increase across the entire range of TKM will come to effect from 1st of January, 2016. As per the reports, Toyota India is yet to decide on the details regarding the quantum of increase on each individual models of its vehicle range in the domestic market.
Toyota Kirloskar Motor India has said that the company is forced to increase the prices of its products, despite unfavorable sales situations owing due to the increasing input costs as well as the unfavorable foreign exchange fluctuations. The company said that it is unable to absorb all the rising costs for any longer and has decided that a portion of it has to be passed on to the customers.
While speaking on the development, Toyota Kirloskar Motor’s director & senior vice president of the sales & marketing division, Mr. N. Raja said that the company has been long holding back the inevitable price increase of its product offerings in the country. However, the rising costs of input, electricity, maintenance as well as the unfavorable foreign exchange rates have been getting difficult to cope up with. Thus, the company has finally decided to hike prices of all its vehicles in the country with effect from January, next year.
Just to make the prospective Toyota car buyers and fans aware of the fact, the announced price increase will be effective for the Toyota Liva hatchback, Toyota Etios sedan, Toyota Etios Cross hatchback-crossover, Toyota Innova MPV, Toyota Corolla Altis premium sedan, Toyota Fortuner premium SUV, Toyota Camry premium sedan, Land Cruiser Prado and 200 SUV models and the Toyota Prius hybrid. At present, the entry level Toyota Liva hatchback model has the starting price of Rs. 5 lakhs, while the car major’s range topping premium offering in India, the Land Cruiser 200 has been tagged at Rs. 1.29 Crore (all prices, ex-showroom New Delhi).
Other car manufacturing majors in India, including the top two car makers Maruti Suzuki and Hyundai Motors India have already announced of their price hike from January, while premium German car giants like Mercedes-Benz and BMW have also announced that they will hike the prices of their offerings in India starting 2016.
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Tagged: Toyota Car Sales
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