In early December, Toyota’s India production and sales subsidiary Toyota Kirloskar Motor (TKM) announced that it will increase its car prices in India from January 2017.
TKM is raising its prices because of the increasing prices in raw materials such as iron, aluminum, copper and rubber over the last 6 months. The rate of exchange was also a factor.
TKM plans to implement the price hike as of January 1, 2017. It plans to raise prices by a maximum of 3%.
Toyota Kirloskar Motor Director and Senior Vice President (Marketing and Sales) N Raja said in a statement, “There has been an increase in pricing of raw material commodities like steel, aluminum, copper and rubber over a period of the last six months and this puts a lot of pressure on us as all this has been leading to a higher input cost on our end.”
(Translated by Greg Scott)