Toyota Kirloskar Motor has announced a hike of up to 3 percent in the prices of its entire range of locally-produced vehicles, with effect from January 1, 2011. The hike comes as a result of the weakening of the Indian rupee against the Japanese yen. Commenting on the matter, Mr. Sandeep Singh, Toyota Kirloskar Motor (TKM) Deputy Managing Director (Marketing) said, “For the last three months, we have been absorbing the pressure of currency fluctuations. Now we have decided to pass on some burden to customers. We will raise the prices by 1.5-3 per cent from January 1.”
The hike in prices will vary depending upon the model of the vehicle and the new rates are expected to be finalized by the end of December 2011, said Mr. Singh. He added that the highest hike will be seen in the price of the SUV Fortuner, about Rs 50,000. April, July and October 2011 saw the company increase the prices of its vehicles. Over these three hikes, the company increased the prices by a total of around 5 per cent.
