Toyota Kirloskar Motor, a leading car manufacturer, will increase the prices of its highly running car models, Innova and Corolla Altis.
The price of Innova is likely to increase in the range of Rs 10,000 to Rs 25,000 and the price of Corolla Altis will be hiked in the range of Rs 16,000 to Rs 25,000. The increased prices would be effective from 1st January 2009.
Sandeep Singh, Deputy Managing Director (Marketing) of Toyota said, “Due to circumstances beyond our control, such as the increase in the rupee, dollar exchange rate by 20 per cent in the last three months, we have been forced to increase the price of our vehicles.”
However, Toyota has tried its best to absorb the raised cost to the maximum so that limited increase of car prices is passed on to the car consumers.
Recently, the company had cut down the car prices to pass the benefits of lower excise duty. With this hike, the prices are expected to come back to the original tag, making the current increase inevitable.