Toyota hikes price of Urban Cruiser and Glanza, effective from May 1
Toyota Kirloskar Motor on Friday announced that it has decided to increase the price of its two models - Urban Cruiser and Glanza, effective from May 1, 2022. However, the automaker has not revealed the extent of the price hike. Both the Toyota Urban Cruiser and Glanza come as part of the brand's association with Suzuki on a global level. The Urban Cruiser and Glanza are rebadged versions of the Maruti Suzuki Vitara Brezza compact SUV and premium hatchback Baleno.
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The decision would impact the sales of the automaker at a time when the rising prices of petrol and diesel are impacting the vehicle purchase decisions of people. At the same time, rising car prices could further impact the auto industry's recovery process from the Covid-19 and related impacts.
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The automaker claims that the hike is necessitated to partially offset the increase in input costs due to the rising raw material costs. "The overall price increase has been tapered down considering the impact on our valued customers," claims the automaker.
Toyota is not the only carmaker in India that has announced a price hike for its cars in recent times. Several other car brands too announced price hikes for their respective vehicles owing to rising raw material costs and supply chain crisis. Earlier this year, several automakers like Mahindra, Maruti Suzuki, Toyota, BMW and Mercedes-Benz announced price hikes across their model lineups owing to similar reasons.
The announcement comes right after Toyota announced reaching the milestone of producing and selling 20 lakh cars in India since its inception. The automaker on Thursday announced a Glanza was the two millionth model from the brand, sold in India.