Toyota to increase prices by up to 3% in January, 2017
The decision is in line with the general industry trend prompted by increasing cost of manufacturing vehicles and a consistent upward trend in foreign exchange rates.
Expressing his views on the price hike, N. Raja, Director & Sr. Vice President, Marketing and Sales, Toyota Kirloskar Motor said, "There has been an increase in pricing of raw material commodities like steel, aluminum, copper and rubber over a period of the last six months and this puts a lot of pressure on us as all this has been leading to a higher input cost on our end. Another factor leading to higher input cost in our case is the appreciation of yen in the international market which has increased the cost of parts that we import from Japan."
"We do a periodic review of the prices of our products basis the above factors and take necessary actions. We have been absorbing all the additional costs till now thereby protecting our customers from the price increase. However, owing to continued pressure of high costs and foreign exchange rates remaining at high levels of above Rs. 68 USD, we have been pressured to increase the cost of our products," concluded N. Raja.
In addition, the company also announced the Remember December Campaign which will provide exciting product offerings and benefits of 100% on road financing, EMI Holidays like- buy now and pay in March 2017- on all its models and a special EMI package of as low as Rs. 22,999 in select models of Innova Crysta.
"The Remember December campaign is not just about offering benefits on our products but it is also an effort from our side to meet the needs of the customers to help them overcome difficulties caused due to demonetization. Not just that, we are also accepting cashless payments through various channels of e-transfers to ensure smooth & hassle free buying experiences for our customers thus adding more value to the customer experience and meeting their expectations," added N. Raja.
The company witnessed a growth of over 10% in domestic sales in the month of November 2016 owing to the overwhelming response the recently launched all-new Fortuner has received.
The other new launches in 2016, the Innova Crysta and the new Platinum Etios have also received a very good response from the market.
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