Toyota to hike prices from January 2017; vehicle prices to go up by 3%

Toyota Kirloskar Motor has announced the increase in prices of the vehicles in India from January 1, 2017 owing to the increasing manufacturing cost and currency fluctuation. The quantum of the price hike will be by up to 3 percent.

Although the company has not released the model-wise details, the hike is also likely to affect the Innova Crysta and the new Fortuner.

"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.

In addition, Toyota also announced the 'Remember December Campaign, which will provide product offerings and benefits of 100% on road financing, EMI Holidays like- buy now and pay in March 2017- on all its models and a special EMI package of 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.

In November, Toyota Kirloskar Motor sold a total of 11,309 units in the domestic market, registering a growth of 10 percent as opposed to the same period last year. The company also exported 1284 units of the Etios series in November 2016 clocking a total of 12,593 units. Toyota Kirloskar Motor had sold 10,278 units in the domestic market and exported 1,110 units of Etios series in November 2015.