Toyota Motors, world's largest car manufacturer, recently made the big announcement saying that it will soon raise the price of all its cars. Toyota motors exist in the Indian market through a joint venture with Kirloskar Group. The company officials said that the prices of their offerings will soon be increased owing to rising input cost and fluctuating foreign exchange.
On the announcement, Sandeep Singh who is the Deputy Managing Director of Marketing in Toyota Kirloskar Motor commented that the prices of Toyota cars is getting affected because of yen fluctuations and cost pressure from many input commodities. He further added that the company is working on this decision and will come up with some final statement by 20th December 2010.
He also added that Toyota Etios Sedan, the affordable sedan launched by the company recently, will not be affected by the changes; rest all other models from Toyota will face a price rise. He said that they are forced to increase the prices because of big hike in component cost.
Toyota is not the only car manufacturer which is intending to increase its model's price. Maruti Suzuki, India's top car manufacturer is in line too. Maruti officials also said that the increase in price is because of the increase in commodity costs. Around 2% increase in prices is announced by General Motors India and Hyundai Motor India on all their cars.
At present Toyota Kirloskar Motor holds two plants in India which have a capacity to churn out 1,50,000 units every year. Major models on the portfolio of the company include luxury sedan Toyota Camry ,which is mainly imported along with premium SUV Toyota Prado. Whereas Indian based manufacturing include famous utility vehicle Toyota Innova, SUV Toyota Fortuner and premium sedan Toyota Corolla Altis. All the models from Toyota's umbrella are doing good in individual segments which has simply made the company name touch the skies. And now the company has also stepped in the low cost cars and with that it has launched its sensational model Toyota Etios sedan in Indian markets which is creating wonders already.
