Toyota to hike car prices by up to 3% in January 2017

Toyota has announced that it will be hiking prices of all cars in its portfolio from January 1, 2017. The price hike will be up to 3% of the ex-showroom prices of the respective models. The automaker has claimed that the said hike is a result of increasing manufacturing costs.

According to Toyota, increasing prices of raw materials like steel, aluminium, copper and rubber have increased input costs. The appreciation of the Yen has further hiked prices of components that the company imports from Japan. Cumulatively, this has resulted in a significant increase in manufacturing costs.

Toyota is currently showing a constant growth rate in the Indian market, primarily due to the launch of new-gen models of its two most popular cars - the Fortuner and the Innova Crysta. The company reported a growth of over 10% in November 2016.