Toyota Kirloskar Motor has announced price hike of Innova and Corolla Altis by up to Rs 50,000.
The price of the Toyota Innova is increased in the range of Rs 10,000 to Rs 25,000 whereas the price of Corolla Altis is raised in the range of Rs 10,000 to Rs 50,000. The key reason that contributed to the price hike is the depreciation of rupee and yen against the U.S. currency and rising input costs. Moreover, the increase in input costs has forced the car manufacturer to increase car prices.
According to the company till date the manufacturer was absorbing the price increase but now it has become difficult to continue the same. Commenting on the same, Toyota's Deputy Managing Director (Marketing) Sandeep Singh said, "However, due to unavoidable reasons such as recent changes in the rupee/dollar and yen/dollar exchange rate, we are now required to make necessary revisions in pricing." He added that the company was also affected by the rising input costs.