> The price hike is expected to counter rising input costs
Toyota has issued a press release stating that it will increase the prices of its cars from April 1.
Although the Japanese carmaker confirmed that the price hike will be only be applicable to some of its cars, it did not reveal which models will be the recipients of the higher price tag. Toyota, however, did point out that this increase was attributed to the rising input costs, which the company has been absorbing of late.
N. Raja, Deputy MD, Toyota Kirloskar Motor, said “Toyota Kirloskar Motor will increase the prices of some of its products effective 1 April 2019. We have been absorbing additional costs through a bouquet of cost reduction measures including refinement in production process. However, considering the trend of continuous increase in cost, we are constrained to pass on a small portion to the customer. The company will continue its efforts to contain costs and offer the best value to our loyal customers.”