Toyota to hike prices


Toyota Kirloskar Motor today said it will hike price of its vehicles by up to Rs 29,000 from October 1 to offset rising input costs and foreign exchange fluctuation.

"The price increase of the Innova, Corolla Altis and Fortuner will be up to 1.50 per cent," a company official said.

From October 1 onwards, multi utility vehicle Innova will see a price hike between Rs 10,000 and Rs 17,000, while sedan Corolla Altis by Rs 10,000 to Rs 14,000.

The company's sports utility vehicle Fortuner will see a price hike of around Rs 29,000, the official said, adding the the move has been undertaken to offset rising input costs and also foreign exchange fluctuations.

TKM's announcement to hike price follows other auto maker Mahindra & Mahindra, which also said it will hike vehicle prices in the range of Rs 3,000 to Rs 8,000 depending on the model effective from October 1.

Tata Motors is also understood to be planning to hike prices to minimise the impact of rising input costs, particularly tyres, from next month.

Hyundai Motor India had hiked the prices of its vehicles from earlier this month. It had increased the prices across models by up to 1.2 per cent.

The country's largest carmaker Maruti Suzuki India had also announced an increase in prices, driven by high commodity prices, in August. It had hiked the prices of all of its models, except the Alto, by up to Rs 7,500.