Toyota to hike prices in India in 2019, up to 4%
The company cites rising manufacturing cost and rupee depreciation for the hike in prices.
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Toyota Kirloskar Motor is bullish on the sales prospects of the recently launched Yaris midsize sedan as it expects the car to challenge the competition in the B+ segment in the domestic market.
Toyota Kirloskar Motor is going to increase the prices of its products by up to 4 percent effective from January 01, 2019. The company considered the price hike after periodically reviewing the continuous pressure of increasing manufacturing costs, which is also a general industry phenomenon.
Toyota reveals that there has been an impact in the cost of manufacturing of vehicle primarily due to rupee depreciation. It has been absorbing the additional costs all this while, protecting the customers from price increase. However, due to the continued pressure of high costs, they want to pass on a part of it to customers.
Toyota Kirloskar Motor currently has 6500 employees in India. It has a total installed production capacity of 310,000 units a year.
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