Toyota Kirloskar Motor (TKM) plans to soon increase the prices of their vehicles in India. The price hike will be two to three per cent of the current ex-showroom prices.
The carmaker says that with the increasing input costs and added pressure from the appreciating Yen and Dollar, they will have to take this decision. The Dollar and Yen have seen an appreciation of 10-15 per cent in the last few months. In addition, the automaker's profit has been hit by the rising costs of commodities like steel. Also, Toyota imports many components from Thailand and Japan. So the inflation in foreign exchange rates have also affected their overall cost of production.
N Raja, Director and Senior Vice President, said, "There has been increased pressure due to appreciation of Yen and Dollar. Besides, input costs for commodities like steel have gone up. We have been absorbing the cost but we will be reviewing it soon."
We can expect the prices of Toyota cars to be hiked by the end of this month or early next month. This should also affect the introductory prices of the facelifted Etios sedan and Liva hatchback launched recently.