Toyota Kirloskar Motor (TKM) is going to increase the prices of all its vehicles from January 1, 2022. The company has taken this decision to reduce the effect of increased prices of ro-materials. Toyota sells vehicles like Glanza, Urban Cruiser, Innova Crysta and Fortuner in the Indian market.
The company said in a statement on Wednesday, “The prices of vehicles are necessitated due to continuous increase in input cost including ro-materials. We have made all efforts to ensure that we minimize the impact of price hikes on our customers.”
It is worth noting that apart from Toyota, Maruti Suzuki, Tata Motors and Honda Cars have also announced to increase the prices of their vehicles from next month. With the rise in the prices of essential ro-materials like steel, copper, and aluminum, companies have decided to increase the prices of their products.
Maruti will also increase the prices
The country’s largest automobile company Maruti Suzuki has informed the stock exchanges that the company will increase the prices of vehicles from January 2022. The company had said that due to the increase in different input costs in the last year, the cost of vehicles has been greatly affected. Therefore, it has become necessary to pass some part of it to the customers by increasing the prices. According to the company, there is a plan to increase the prices in January 2022. The price hike will depend on the model of the vehicle.
Tata Motors will also increase the price
Tata Motors had also said that it will increase the prices of all its passenger vehicles from January to offset the impact of the cost hike. Shailesh Chandra, President, Passenger Vehicle Business Unit, Tata Motors said commodity, raw material, and other input prices continued to rise. The company is forced to increase the price of its passenger vehicles from January 2022 to address the mounting pressures due to an increase in input costs.