Toyota to hike prices of all its car models by 3% from January 2018

There has been an increase in the cost of manufacturing of vehicles: Toyota

Automobile manufacturer Toyota Kirloskar Motor on Thursday said that it will likely hike prices across its models by up to three per cent from January 2018.

According to the company, it considered the price rise after reviewing input and freight costs periodically, which is also a general industry phenomenon.

"There has been an increase in the cost of manufacturing of vehicles. Frequent fluctuation in the global commodity prices and foreign exchange rates have continued to impact our input costs, from both domestic as well as import fronts," said a spokesperson for Toyota Kirloskar Motor.

"Toyota has been absorbing the additional costs all this while, protecting the customers from price increase. However, due to the continued pressure of high costs, Toyota is considering a price increase of up to 3 per cent across models with effect from January 2018."