Toyota Kirloskar Motor (TKM) will hike the prices of select models and variants in India from April 1, 2024. The automaker is planning to impose price increase of up to 1%. The company has cited escalating input costs and operational expenditures as the cause of the price rise.
This will be the second price hike the company has made this year. Toyota increased the prices of select models and variants by up to 2.5 per cent earlier in January 2024 for the same increasing input costs.
Currently, the Toyota line-up in the country includes Glanza, Rumion, Urban Cruiser Hyryder, Innova Crysta, Innova Hycross, Hilux, Fortuner, Legender, Camry, Vellfire and Land Cruiser.
The official statement released by the company said that it is planning to increase the prices of certain grades of its specific models effective April 1, 2024. The statement further reads that the company expects an increase of 1% and the move is attributed to escalating input costs and operational expenditures. However, there is no specific details about which models will receive a price hike.
Meanwhile, Toyota recently introduced a new GX(O) variant for the Innova Hycross petrol version. It will be placed between the petrol-only GX and the strong hybrid VX trims of the MPV. Though the prices of the the variant are yet to be announced, the bookings have already commenced.
Toyota’s Maruti Suzuki Fronx-based Taisor will debut on April 3. The company already offers two badge-engineered models, the Maruti Suzuki Baleno-based Glanza and the Maruti Suzuki Ertiga-based Rumion.
Apart from Toyota, other automobile manufacturers might also make similar announcement during the month of April. Rival carmaker Kia India has also announced that it will increase the prices of its models like the Sonet, Carens and Seltos, by up to 3% from April 1.
Ms Kalinga