The continuous decline in rupee value has forced yet another auto manufacturer to hike its vehicle prices. This time it's Toyota which has hiked the prices of Fortuner and Camry models by 1 per cent. Few days back, General Motors, Mercedes-Benz and Audi also raised the prices of their vehicle to cope up with the current market situations - rising inflation and depreciation of rupee.
Despite having local manufacturing facilities, the international brands have increased the prices of their products, as they are importing few of the vehicle components. The Toyota Fortuner and Camry Hybrid also depends on the foreign imports, as the company imports most of their parts and then assemble locally. Toyota Fortuner now sees a hike of around 22,000, while the Camry will witness a price rise of about 25,000-28,000.
Speaking on the same, Mr. Sandeep Singh, Deputy Managing Director and Chief Operating Officer, Marketing and Commercial said, “With the rupee depreciation and rising inflation we have increased the prices of Camry Petrol and Fortuner. The prices have been increased by 1%."