Price hike has impacted yet another industry. The renowned carmaker Toyota Kirloskar Motor recently announced that it will begin raising prices for its complete lineup of vehicles from July 5, 2023. According to the Japanese automaker, rising input costs were the main factor in the decision to increase car pricing, according to HT Auto.
According to the report, Toyota Kirloskar Motor highlighted that raising pricing was necessary to at least partially offset the rise in raw material costs. The Glanza, UC Hyryder, Innova Hycross, Fortuner, Legender, Vellfire, and Land Cruiser LC300 are just a few of the many cars that Toyota Kirloskar Motor offers. Customers may anticipate a minor price increase, differing among models and variants, even though the automaker hasn't publicly published the precise percentage increase for each model. Additionally, Lexus, Toyota's premium division, recently increased pricing for the ES 300h by up to 2% and gave the same justifications.
Toyota stated today that the business has realigned the prices of its products with effect from July 5, 2023. It was necessary to raise prices in order to partially offset increased input costs. We have made every effort to guarantee that the impact of the cost increase passed on to our customers is as minimal as possible since, as a customer-centric business, we are committed to meeting the market's constantly changing needs.
The Toyota Innova Hycross now has a starting price of 18.82 lakh, up about 27,000 rupees from the base trim, according to the company's website. All prices, ex-showroom India; Toyota Urban Cruiser Hyryder now starts at 10.86 lakh; Fortuner range starts at 32.99 lakh; all prices represent modest increases over prior prices. The overall disparity between the models is predicted to be in the range of 1.5–2%. This is the second price rise announced by Toyota in the current fiscal year. The first increase, in May, affected all of the company's models and included increases of up to 60,000 yen.
