Toyota Kirloskar Motor (TKM) has announced the increase in prices across its range offerings in India. The price hike extends to the Toyota Glanza, Yaris, Innova Crysta, and the Fortuner, all of which have seen prices increased by one to two per cent, depending on the model. The price hike has come into effect from June 1, 2020. Meanwhile, the Japanese auto giant has also announced that the price increase will also extend to the Toyota Camry Hybrid and Vellfire MPV in the market from July 2020 onwards.
In a statement, Toyota announced, "TKM announces the realignment of prices across our models with a hike between 1 to 2 per cent. This increase is necessitated to partially recover the substantial increase in the cost of BS6 and the higher input costs on the back of a weak exchange rate. During such testing times, it has been our endeavour to absorb cost increases through our internal efforts and only a minimal portion has been reflected onto the prices. The increase in price is effective from June 1, 2020. As a customer-centric company, we reinforce our commitment to cater to the ever-evolving needs of our customers. TKM has always been conscious of minimising the impact of rising costs on consumers and has been absorbing the additional cost."
Furthermore, the price hike on the Toyota Vellfire and the Camry Hybrid has also been attributed to the substantial rise in the exchange rate. The company though is yet to announce the new prices for its hybrid models. At present, the Toyota Camry Hybrid is priced at ₹ 37.88 lakh, and comes to India a Semi-Knocked Down (SKD) kit. The Toyota Vellfire, on the other hand, is priced at ₹ 79.50 lakh (all prices, ex-showroom Delhi) and is brought to the country as a Completely Knocked Down Unit (CBU).
The company said in a statement, “The upcoming price increase in July 2020 for Camry Hybrid and Vellfire is likely to be in the range of up to 4 to 5% , driven by sharp rise in exchange rate in the last few months since pre COVID-19 situation, however the exact amount is not yet decided.”
With respect to the models produced in India, all cars get a substantial price hike. The Toyota Glanza range now starts from ₹ 7.01 lakh, going up to ₹ 8.96 lakh. The hatchback, sourced from Suzuki gets a price hike between ₹ 3000 and ₹ 25,000, depending on the variant. The Toyota Yaris is now priced between ₹ 8.86 lakh and ₹ 14.30 lakh, and gets a price hike of ₹ 10,000 to ₹ 12,000 across most variants. However, the J and G variants on the sedan get a whopping hike of ₹ 1.68 lakh and ₹ 1.20 lakh respectively over the older prices.
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The Toyota Innova Crysta is priced from ₹ 15.66 lakh, up to ₹ 23.63 lakh. That's a hike of around ₹ 30,000 to ₹ 61,000 across the range. Meanwhile, the Innova Crysta Touring range now starts at ₹ 19.53 lakh, going up to ₹ 24.67 lakh (all prices, ex-showroom Delhi). The Toyota Fortuner has received the biggest price hike of all at a flat ₹ 48,000 across all variants. The range now starts at ₹ 28.66 lakh, going all the way up to ₹ 34.43 lakh (all prices, ex-showroom Delhi).