Toyota India announced on September 17, 2013 that it will soon be increasing prices of its key models by up to Rs. 24,000. The new hiked prices will be effective as of Saturday, September 21, 2013. The company stated that prices have been hiked due to high costs of raw material, as well as because of the Indian rupee depreciation.
Toyota also informed that the price hike will be effective for Corolla Altis, Etios, Etios Liva and Innova. The company in a statement said, “Due to inflation, falling rupee and increase in the cost of materials, the company was forced to pass on the increase in cost to the customers”.
Toyota also said that the multi-purpose model Innova will be costlier by Rs. 7,000 to Rs. 11,000, from its current price of Rs. 9.77 lakh to Rs. 14.42 lakh. The Etios Liva will cost Rs. 4,500 to Rs. 8,600 more than the current price of Rs. 4.46 lakh to Rs. 6.59 lakh, which will be effective from September 21, 2013. In August 2013, the luxury vehicle manufacturer Mercedes Benz increased prices of all of its models in India by up to 4.5 percent, starting from September 1, 2013.
Even BMW group had hiked the prices of its models – including the Mini – by up to 5 percent.
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