Toyota India plans to hike car prices

Toyota Kirloskar Motor (TKM) is the second manufacturer to announce a price hike this week, Toyota plans a hike in the prices by 1.5% – 2%. Like all other major car manufacturing companies, Toyota also states rise in the prices of raw materials as the main reason behind the hike.

Toyota blames the rise in raw material prices and appreciation of the Yen as the main reasons for the above decision. The estimated price of Toyota Corolla Altis will go up by up to Rs. 14,000 and for Toyota Innova – up by Rs. 17,000 and Fortuner by Rs. 29,000.

This price hike is expected to hit the market by Oct 1st’ 2011. A surprising move indeed considering demand has slowed down due to increase in interest rates and fuel prices.

Also see –Diesel variants of Toyota Etios & Liva scheduled for 9th September