Toyota cars in India to be pricier from October 1. Know why

Toyota Kirloskar Motor on Tuesday has announced that its cars will be pricier from October 1, 2021. The latest price hike decision comes after the automaker announced a price hike from August this year. The Japanese car brand claims that the latest price hike is necessitated to offset the increasing input costs.

The automaker in an official statement has announced that the overall price hike has been tapered down considering the impact on its customers. The latest hike comes right after the auto company has announced the discontinuation of its Yaris sedan.

The price hike also comes right ahead of the upcoming festive season, which is considered to be the best selling phase for the automakers in India. The skyrocketing price of petrol and diesel too is impacting the vehicle sales alongside other reasons like the weak economy, job losses etc. In this situation, this price hike decision might impact the sales of the auto company.

In 2021, like several other automakers, Toyota Kirloskar Motor has announced a price hike multiple times. In late July, the car brand announced a price hike for its flagship model Toyota Innova Crysta by up to 2%, which became effective from August 1, 2021. The price surge was attributed to the increased raw material costs and hike in production costs. Prior to that, the Toyota Innova Crysta had witnessed another price hike of up to ₹29,000 in April 2021.

This year has already witnessed multiple price hikes from various automakers including Tata Motors, Maruti Suzuki, Honda Cars India etc.

Tata Motors announced a price hike for its passenger vehicles in August by around 0.8 per cent on average. Tata also increased the prices of its vehicles by up to 1.8 per cent earlier. Prior to that, in January 2021, the prices of Tata cars were increased by up to ₹26,000. Honda cars India too increased the pricing of its vehicles in February, April and August again.