Toyota to hike car prices of its entire car lineup from 1st January 2017; blames it on higher production costs and foreign exchange rate
Toyota Kirloskar Motor is preparing to hike the price of its entire car lineup in India. The Japanese company has officially announced, it will increase price of the cars by up to 3% from 1st January, 2017. Presently, the Japanese automaker’s portfolio in Indian market ranges between Rs. 5.64 lakh (Etios Liva) and 1.34 crore (Land Cruiser).
The company says, increasing production costs of its vehicles are behind the price hike. The higher foreign exchange rate is also to be blamed. In fact, Toyota is not the only automaker ready to hike the price of its cars, but several other automakers will venture into the new year with increased price. Toyota says, pricing of the raw materials has been increasing rapidly. Despite that, the company has waited nearly six months to hike the price.
Toyota has also announced the Remember December Campaign for the customers. Under this campaign, the brand is offering benefits of 100% on-road financing, EMI Holidays and special EMI package of as low as Rs. 22,999 per month in select variants of the Toyota Innova Crysta.
The automaker claims, the Remember December Campaign is not just about offering benefits to the customers. But it is an effort, to help the customers to overcome difficulties caused due to the demonetisation. To help the customers, Toyota is also accepting cashless payments through various channels of e-transfers to ensure smooth and hassle free purchase experience.
Also read: 20 Upcoming SUV in India in 2017
Toyota is one of the leading automakers in the country with a wide range of products on offer. The company has its presence in the hatchback, sedan, SUV and MPV segments. In 2016 alone, the Toyota has launched the cars like new Fortuner, Innova Crysta, Etios Platinum. It is also preparing to launch some spectacular models in the country in near future. In November this year, the brand has witnessed a growth of more than 10% in its domestic sales and it hopes to continue the momentum in future.