Toyota Kirloskar Motor is the latest car maker in the country to announce a price hike for the new year. Starting from January 2018, all Toyota cars will see a hike of three per cent. The company has attributed the increase in prices after reviewing input and freight costs that goes into manufacturing of vehicles. The Japanese car maker boasts of a varied line-up of vehicles in the country starting from the Toyota Etios Liva and Etios sedan, along with the Corolla Altis, Camry Hybrid, Fortuner, Innova Crysta, Land Cruiser range and the Prius Hybrid. Due to the price increase, the entry-level Etios Liva is expected to get a hike of around ₹ 16,000, and will rise up to ₹ 81,000 on the Fortuner SUV.
In a statement, Toyota Kirloskar Motor announced, "There has been an increase in the cost of manufacturing of vehicles. Frequent fluctuation in the global commodity prices and foreign exchange rates have continued to impact our input costs, from both domestic as well as import fronts. Toyota has been absorbing the additional costs all this while, protecting the customers from price increase. However, due to the continued pressure of high costs, Toyota is considering a price increase of upto 3% across models with effect from Jan 2018."
However, for those looking to skip the price hike in January and purchase a Toyota in December itself, the automaker is offering additional year-end deals. The company has started the 'Remember December Campaign', which includes offers like 100 per cent on-road financing, interest rates at 4.99 per cent and special EMI package.
The campaign also includes benefits range between ₹ 40,000 and ₹ 90,000, depending on the model across regions for government and corporate employees. The schemes though are on offer up to December 31.