Toyota Kirloskar Motors, an Indian unit of Japan based leading automobile manufacturer, Toyota stated on Monday that it will be increasing the price of its entire lineup of vehicles in India by up to 3% from January 2012. The decision has been taken in bid for passing on the burden of weakening Indian rupee on India consumers. It includes only locally developed Toyota models of leaving CBU imports out of it. Nevertheless, three percent of price hike is likely to surprise many, while other automakers are considering slight increase of not over 2 percent. The Toyota Fortuner, a flagship sport utility vehicle of Toyota is expected to see the price hike of Rs. 50,000.
It is the 4th consecutive price hike from Toyota Kirloskar Motors in last one year, and has already hiked prices of its lineup thrice in Indian automotive market in April, July and in October 2011. The company is also contemplating to increase the price of its other models. Mr. Sandeep Singh, Deputy Managing Director at Toyota Kirloskar Motors said that for last 3 months, they have been absorbing pressure of weakening Indian currency, and has now planned to pass on this burden to the customers. The price will be hiked from the month of January 2012 by 1 to 2 percent. Nevertheless, the impact of rupee weakening and yen strengthening is so much that this time, KTM had to undertake steep hike for its models.