Automakers in India are preparing to venture into the new year with increased prices. Following the local subsidiaries of Mercedes-Benz and BMW which have announced a price hike of up to 2% and 3% respectively, Toyota Kirloskar Motor has now announced that it will increase the prices across its model range by up to 3% starting from January 2016.
Talking to PTI, the company’s director and senior vice-president for sales and marketing, N Raja, stated that the hike is aimed at offsetting the rising input costs and unfavorable foreign exchange fluctuations. He added that the company has been holding back on the price hike or a long time, but the input costs, electricity, maintenance and foreign exchange have increased further.
The Japanese automaker’s current Indian portfolio ranges from around INR 5 lakhs (Etios Liva) to INR 1.29 crore (Land Cruiser). The company is in the process of finalizing model-wise price hikes.
As 2015 comes to an end, we expect more automakers to resort to upward revision of prices in a bid to maintain their bottom line.
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Via – PTI