The rising raw material and commodity costs have compelled yet another automobile manufacturer to increase the prices of its products.
Toyota India has announced a price hike of its products, which will be effective from January 1, 2022.
Toyota India currently has the Glanza, Urban Cruiser, Innova Crysta, Fortuner, Camry, and Vellfire on sale. The prices of all the aforementioned products are expected to rise by 2 to 4 per cent, across all variants.
According to the carmaker, the price increase is a result of a higher input cost. 'The price realignment is necessitated on the back of a sustained increase in input costs including raw materials. All efforts have been made to ensure that the impact of the cost increase has a minimum effect on our esteemed customers,' said Toyota India in a press statement.
Maruti Suzuki, Tata, and Honda India have also announced a price increase. The price hike is also due to the increase of commodities such as steel, aluminium, etc.
Also, the high demand for semiconductors has increased the overall manufacturing cost in the automotive industry. The shortage of semiconductors is likely to affect the industry until mid-2022.
Premium brands such as Audi, Citroen, Ducati, and Mercedes-Benz have also announced a price increase, which will be in effect from the new year onwards.
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Tata Motors to hike prices from January 2022
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