Toyota Kirloskar Motor announces price hike of upto 4 percent wef April 1, 2022
Price hikes are imperative in the auto industry. Each year, manufacturers announce price hikes in a planned manner at opportune times. For the most part, this occurs at the start of the year with new model year vehicles, and again within 3 months, at the start of the new financial year.
TKM today said, “Toyota Kirloskar Motor (TKM) today announced that the company will realign the prices of its models, by up to 4% effective from 1st April 2022. This hike has resulted due to the rising input cost, including that of raw materials. As a committed & customer-centric company, TKM has made all conscious efforts to minimize the impact of rising costs on consumers.”
Toyota Price Hike April 2022
To ensure price hikes aren’t a burden on purchase decisions, hikes are introduced every couple of months. This staggered manner of price inflation works well. For the most part, as price increases are an expected pattern, potential buyers can plan purchases around them. When making a purchase decision, customers can always choose to do so before an expected price hike.
As evident, price revisions are now normalised. They have been factored into buying decisions over time. The current price hike of upto 4 percent doesn’t specify whether or not it is applicable to the recently launched, 2022 Toyota Glanza. Close on the heels of 2022 Maruti Baleno launch, new Toyota Glanza was introduced in mid March. Pre-bookings for the same were opened earlier in the month. Toyota India will begin deliveries in the last week of March.
Toyota cars in India
Following market fluctuations owing to Covid-19 pandemic lockdowns, businesses are rebuilding. To add to complexities, manufacturers are scrambling for chips keeping in mind a global shortage.
At present, Toyota’s product portfolio in India is a limited one. Of this, Baleno based Glanza is the manufacturer’s entry price point offering. Another high volume product from its alliance with Maruti is the Urban Cruiser based on Maruti Vitara Brezza.
In-house, Toyota Innova Crysta and Fortuner uphold the manufacturer’s SUV capability. Together, all 4 vehicles form the backbone of Toyota sales. Other lifestyle vehicles sold are Vellfire and Camry. For now, as a result of the alliance, only Toyota is selling Maruti rebadged cars, and not the other way around.
Toyota Hilux has already been unveiled. An updated Urban Cruiser too is expected to launch soon. A rebadged Maruti Ciaz, Toyota Belta launch is also expected in 2022. This opportunity also expands to Toyota Rumion based on the Maruti Ertiga, which is already being sold overseas.
