Toyota Motor to hike price of cars from next month

Toyota Kirloskar Motor has joined list of carmakers to hike prices of its cars from next month. The Japanese carmaker, which recently launched the 2022 Glanza premium hatchback in India, has announced a price hike of up to 4 percent from April 1 across all models.

Toyota issued statement on Saturday saying the latest hike was necessary due to rising input costs. The Japanese carmaker sells six models in Indian markets including Fortuner, Innova Crysta, Camry, Vellfire and Urban Cruiser besides the Glanza.

The statement issued by Toyota says that input costs, including raw materials, have gone up in recent past. “As a committed and customer-centric company, TKM has made all conscious efforts to minimise the impact of rising costs on consumers," Toyota said in its statement.

Toyota Motor is also expected to launch a new model in India very soon. Toyota Hilux pickup truck, which has already been unveiled by the carmaker on January 20 this year, was supposed to launch in March. However, the carmaker decided to stop taking bookings for the Hilux without clarifying any reason. The launch too seems to have been put off for a while. The carmaker is expected to announce the new dates soon.

Toyota has become the latest carmaker to join the list of those to hike prices of its vehicles. On Friday, BMW India announced to hike product prices by up to 3.5 per cent from next month. Other luxury carmakers like Audi and Mercedes-Benz also plan to hike prices from April 1.