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Toyota to hike prices of models in October

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Car-maker Toyota Kirloskar Motors today said it will revise the prices of its products across categories in October this year.

"Input cost pressure is very high and the yen fluctuation is also affecting us. We will review the prices of our products in October," Toyota Kirloskar Motors Deputy Managing Director (Marketing) Sandeep Singh told PTI.

He, however, declined to give any range of the expected price increase.

The company currently sells premium sedan 'Corolla Altis', SUV 'Fortuner' and utility vehicle 'Innova' in India, which are manufactured at its facility in Bangalore. It also imports luxury sedan 'Camry' and premium SUV 'Prado'.

Earlier in the day, Hyundai Motor said it will increase the price of its products across models by up to 1.2 per cent from September 1.

"We have held on to our prices despite rising input costs, but we cannot hold it any longer. So, from September 1 onwards, we are increasing the prices across models," Hyundai Motor India Vice-President Marketing and Sales Arvind Saxena said.

He said the main reason which has led to an upward revision in the prices was the need to offset rising input costs, specially that of commodities.

This month, Maruti Suzuki had also announced an increase in prices, driven by high commodity rates.

Maruti had hiked the prices of all its models, except Alto, by up to Rs 7,500.