Toyota Kirloskar Motor has disclosed its intention to raise the prices of certain grades of specific models by 1% starting from April 1, 2024. This decision comes in response to the escalating input costs and operational expenditures faced by the company.
This price hike follows a previous announcement made earlier this year, wherein the company implemented a price increase ranging from 0.5% to 2.5%, which was aimed at partially offsetting the continuous rise in input costs.
The company, in CY2023, reported its best-ever annual sales at 221,356 units, on the back of sustained demand for its MPVs and SUVs as also the rebadged models like the Glanza, Urban Cruiser Hyryder and Rumion, ramped-up production and customer-friendly initiatives, which drove sales to an all-time high.