Japanese automaker Toyota Kirloskar Motor has announced 4 per cent price hike across its models in the Indian market. According to the company, it considered the price hike after periodically reviewing the continuous pressure of increasing manufacturing costs, which is also a general industry phenomenon. The increased price will come in effect from January 1, 2019.
“There has been an impact in the cost of manufacturing of vehicle primarily due to rupee depreciation. Toyota has been absorbing the additional costs all this while, protecting the customers from price increase. However, due to the continued pressure of high costs, we have to pass on a part of it to customers. Toyota is considering a price increase of up to 4 per cent across models with effect from 1st Jan 2019. We would like to express our gratitude to our valued customers for the never ending trust and loyalty towards Toyota Products,” the company said in a statement.
Currently, the company's Indian portfolio includes the Innova Crysta, Fortuner, Yaris, Etios, Etios Liva, Land Cruiser Prado, Prius, Camry and the Corolla Altis. The prices for these vehicle range between Rs 5.25 lakh and Rs 1.41 crore in the Indian market. As a result of the hike, the prices of the Etios Liva hatchback is expected to go up by almost Rs 20,000 while the likes of the Fortuner will get dearer by over Rs 1 lakh, ex- showroom.
Recently, Toyota has revealed the 12th- generation Corolla sedan at the 2018 Guangzhou motor show ahead of its launch in international markets next year. The car is expected to go on sale after or during mid- 2019 in Japan, China and many other markets, while the India launch is likely to happen either in late 2019 or by early 2020. When launched, the executive sedan will go up against all the traditional rivals in the segment including the Hyundai Elantra, Skoda Octavia and the soon- to- be- launched next- gen Honda Civic.
Apart from this, the automaker also unveiled a new and updated version of the Fortuner TRD Sportivo, called the Sportivo 2 for Thailand market. The sporty TRD makeover for the current- generation Fortuner SUV is in its second generation/ version 2.0 with noticeable cosmic changes. While the manufacturer has revealed the Fortuner TRD Sportivo 2 for Thailand market currently but it is expected to make its way to the Indian market in coming weeks. The existing Fortuner model goes up against the Ford Endeavour, Skoda Kodiaq, Mitsubishi Pajero Sport, Isuzu MUX and the soon to be launched Mahindra Alturas G4 in the segment.
Earlier this month, Toyota had unveiled the India- bound ASEAN- spec Camry sedan in Thailand. Available in four variants and two engine options, the eighth-generation Camry has witnessed comprehensive upgrades in terms of design and equipment levels and comes priced at Rs 1,445,000 baht (around Rs 31.99 lakh) and going up to 1,799,000 baht (around Rs 39.82 lakh). In the Indian market, the Camry competes with the likes of Skoda Superb, Honda Accord Hybrid and Volkswagen Passat in the segment.
However, Toyota isn't the first company to announce an increase in the prices of their products. Recently, the German brand BMW also announced a price hike for their products in India effective from 1st January 2019, by a similar increase of up to 4 per cent. The hike in prices from the German brand will be limited to their BMW cars and will not reflect on MINI and BMW Motorrad. Toyota Motor Corporation entered India in 1997 in a joint venture with the Kirloskar Group.Toyota Motor Corporation (TMC) holds 89% of the share and the remaining 11% is owned by Kirloskar Group. Stay tuned to V3cars.com for further updates from Toyota Kirloskar Motors in the Indian market.