Toyota planning to raise prices across model range

Toyota is planning to hike prices of the vehicles in its India model line-up by the end of this month. The company claims that the reason behind this step is the increasing pressure from appreciating Yen and Dollar, as well as increasing input costs.

The last few months have seen an appreciation of 10-15 percent in Dollar and Yen. Since Toyota imports various components from Thailand and Japan, inflated foreign exchange rates directly affect the overall cost of production. Moreover, rising costs of commodities like steel have put more pressure on the automaker's profit. N Raja, Director and Senior Vice President at Toyota India has claimed that the price hike will be around 2-3 percent on the car's ex-showroom prices.

Various strong players in the Indian market, including Maruti Suzuki and Hyundai, had also hiked prices of their cars last month, in order to accommodate the rise in manufacturing costs.

Source: ET Auto