Toyota to hike car prices in India by 4% from January
27 Nov 2018
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Toyota Kirloskar Motors, the Indian arm of Japan’s Toyota motor Corp, has announced hike in the prices of its cars in India across the full range, starting January 2019. The company attributed the price hike to the continually increasing input costs.
Toyota, which still imports some parts of its cars, said depreciation of the rupee in recent times has resulted in high import costs, which have been the primary reason for the rise in input cost.
Also, Toyota said, with the local manufacturing costs increasing gradually, it had to pass on a part of it to the customers.
As a result, the prices of the Etios Liva hatchback is expected to go up by almost Rs 20,000 while the likes of the Fortuner will get dearer by over Rs 1 lakh, ex-showroom.
Toyota Kirloskar Motor sold a total of 12,606 units in the domestic market in October 2018. The car maker posted 2 per cent rise in domestic sales.
The company exported 639 units of the Etios series in October, clocking a total of 13,245 units. TKM sold a total of 12403 units in the domestic market and exported 1597 units of the Etios series in October 2017.
Commenting on the sales performance, N. Raja, Deputy Managing Director, Toyota Kirloskar Motor said, “ We are happy that we have been able to sustain good customer demand despite the dampening effect on consumer sentiment owing to hike in fuel prices, higher interest rates and increase in insurance premium.
Innova Crysta has witnessed a growth of 11% in April to Oct 2018 as compared to the same period in 2017. We are thankful to our customers for their endless support to the brand and the trust they have shown for our products which define Quality, Durability and Reliability. Additionally, Etios Liva, one of the most popular choice of Indian families has registered a growth of 17% from April to October 2018 contributing significantly towards the overall sales growth.
The company has witnessed a growth of 15 per cent in domestic sales from April-Oct 2018 as compared to the same period last year. This growth has been primarily driven by the positive sales growth of Innova Crysta, Fortuner, Etios Liva and the positive response to Yaris.
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