Toyota India on Thursday said it will increase prices of its models by up to three per cent from January 1, 2018 in order to offset rise in input costs.
With this Toyota has joined Skoda and Isuzu in raising cars’ prices due to the rise in production costs. Isuzu recently announced a price hike of up to Rs 1 lakh across its model range. Furthermore, Skoda India too announced an increment in car prices by up to two-three per cent starting 1 January. We can expect more manufacturers to take this decision to offset the increasing input costs.
Toyota's spokesperson, in a press release, said, "There has been an increase in the cost of manufacturing of vehicles. Frequent fluctuation in the global commodity prices and foreign exchange rates have continued to impact our input costs, from both domestic as well as import fronts. Toyota has been absorbing the additional costs all this while, protecting the customers from price increase. However, due to the continued pressure of high costs, Toyota is considering a price increase of up to three per cent across models with effect from January 2018."
