Automaker Toyota
Kirloskar Motor (TKM) on Tuesday said it will increase prices of its entire
model range by up to 2 per cent with effect from October 1 in order to
partially offset the impact of rise in input costs.
The company,
which is a joint venture between Japan's Toyota Motor Company and Kirloskar
Group, sells a range of vehicles including Innova Crysta Fortuner in the
domestic market.
The company will realign
the prices of its models, with effect from October 1, 2021, TKM said in a
statement.
All company models
except Vellfire would see an upward increase in prices from next month.
"This hike is
necessitated to partially offset the increase in input costs.
"The overall price
increase has been tapered down considering the impact on our valued customers,"
the automaker noted.
In the last one year, there
has been a gradual increase in the prices of various essential commodities like
steel and precious metals.
It has led to increased
input costs for the automakers.
Already various companies
have announced to increase prices from next month.
Last week, Tata Motors said
it will increase prices of its commercial vehicle range by around 2 per cent
with effect from October 1.
Similarly, the country
largest carmaker Maruti Suzuki India (MSI) has increased prices of its entire
product range, except Celerio, by up to 1.9 per cent.
The company had noted that
it has taken the decision to hike prices due to an increase in various input
costs.
It was MSI's third price
hike this year.
In the two-wheeler space,
Hero MotoCorp has raised prices three times already this year.
The company has made an
upward revision in the ex-showroom prices of its motorcycles and scooters by Rs
3,000 with effect from September 20.
The two-wheeler major had
earlier increased prices of its motorcycles and scooters by up to Rs 1,500 in
January, and again by Rs 2,500 in April this year citing rise in input costs.
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