Toyota Kirloskar Motor has revealed plans to increase the prices of certain models effective April 1, 2024.
The move comes in response to mounting input costs and operational expenses, prompting the company to raise prices by up to one percent on select variants.
Factors Driving the Price Surge
The decision marks Toyota’s second price hike this year, following adjustments made in January 2024.
Similar adjustments have been announced by other manufacturers like Honda Cars India, signaling a broader trend in the industry.
While the precise impact of the price hike remains to be seen,
models such as the Toyota Fortuner, Hilux, Innova Hycross, Innova Crysta, Urban Cruiser Hybrid, and Glanza are expected to be affected.
Toyota’s Official Statement
In an official statement, Toyota Kirloskar Motor stated,
“The company plans to increase the prices of some grades of its cars, effective from April 1, 2024. The move, with an estimated 1 per cent increase, is being driven by rising input demand. Costs and operational costs are accounted for.”
Implications for Consumers
With the onset of the new financial year, industry observers anticipate similar price adjustments from other automakers in the coming weeks.
Additionally, Toyota’s forthcoming launch of a new model based on the Maruti Suzuki Fronx, potentially named the Toyota Urban Cruiser Taser, is expected to contribute to the price hike.
New Offerings Amidst the Price Surge
Amidst the price adjustments, Toyota is gearing up to introduce the new GX (O) variant for the Innova Hycross petrol.
This variant has already been listed on the brand’s website, showcasing Toyota’s commitment to providing enhanced options to consumers despite the challenging market conditions.
As the automotive industry grapples with rising costs, consumers may need to brace themselves for incremental price adjustments in the coming months.
