New Delhi: The Japanese carmaker, Toyota Kirloskar Motor, is all set to hike prices of its flagship vehicle Innova Crysta from August 1, in India. In its official statement, issued on Thursday, the automobile giant said the increase in price is necessitated by rise in production costs.
Toyota said that the price of the Innova Crysta multi-purpose vehicle (MPV) will be increased by up to two per cent with effect from next month. The new prices will be reflecting on its official sites, effective from August 1, the automaker said in a statement.
Toyota’s Innova Crysta MPV currently has in as many as 18 variants, in India. The starting price for its flagship Toyota MPV is ₹16.52 lakh for the base 2.7-litre GX 7-seater petrol variant and goes up to ₹24.59 lakh (ex-showroom) for the top-spec 2.4-litre diesel ZX 7-seater with automatic transmission.
Toyota said that the reason behind the latest price hike is a substantial increase in input costs. Besides steel, which forms a large chunk of material required by carmakers during manufacturing process, prices of other precious metals like rhodium and palladium have also increased significantly.
The carmaker has decided to hike prices to partially offset the effect of high costs but has been kept in check considering the impact on customers. “As a customer-centric company, we remain committed to cater to the ever-evolving needs and requirements of our customers by consciously minimising the impact of rising costs on consumers,” Toyota said in the statement.
To note, Toyota is not the only carmaker to announce price hike on its vehicles. On Wednesday, Indian automobile mammoth, Tata Motors, also announced that it is likely to increase price of its cars across the entire fleet next week. This will be the third price hike on Tata cars since the beginning of the year. The reason behind the price rise remains common. The same reason forced India’s largest carmaker Maruti Suzuki India to hike prices of some of its cars, like the Swift and CNG variants of other models, by up to ₹15,000 earlier this month. Honda Cars too has announced price hike for all its cars in India from next month in an effort to minimise the effect of increase in commodity prices.