Following in the footsteps of Kia, another automotive giant, Toyota Kirloskar Motors (TKM), has decided to increase the prices of its models in the Indian market.
The move comes amidst rising production costs and operating expenses, prompting TKM to announce a one percent price hike on select products, effective from April 1.
Reasons Behind the Price Increase
TKM cited increased production costs and operating expenses as the primary reasons for the impending price hike.
The company disclosed its plans to raise prices on certain grades of specific models to offset these escalating costs.
Range of Vehicles Affected
TKM’s diverse lineup, ranging from the hatchback Glanza to the premium SUV Fortuner, will witness a price adjustment.
With prices ranging from Rs 6.86 lakh to Rs 51.44 lakh, consumers can expect a slight increase in the cost of these vehicles starting April 1.
Following Kia’s Lead
This decision by TKM echoes a similar move made by Kia India, which announced a price hike of up to three percent on its vehicles effective from April 1, 2024.
Kia attributed this decision to the rising prices of commodities and supply chain-related costs.
Models Affected by Kia’s Price Increase
Kia’s popular models, including the Seltos, Sonet, and Carens, will witness a price increase in line with the company’s decision.
This marks the first price hike by Kia India this year, reflecting the industry-wide challenges posed by escalating costs.
As automotive manufacturers grapple with mounting expenses, consumers can anticipate slight adjustments in vehicle prices, highlighting the dynamic nature of the automotive market.
