Toyota Kirloskar Motors today announced that it will be hiking the prices of some of its models from April 1, 2019. The company said that till now it had been absorbing the additional costs through refinement in its production process, but the increase in the price of raw materials and the sky rocketing input costs has made it difficult for the company to contain the costs of its vehicles.
N. Raja, Deputy Managing Director, Toyota Kirloskar Motor, said "Toyota Kirloskar Motor will increase the prices of some of its products effective 1st April 2019. We have been absorbing additional costs through a bouquet of cost reduction measures including refinement in production process. However, considering the trend of continuous increase, we are constrained to pass on a small portion to the customers. The company will continue its efforts to contain costs and offer the best value to our loyal customers."
The company has, however, not indicated the quantum hike of the increase in the costs of its cars and neither has it indicated on the models which are covered under this price hike.