Toyota to hike prices of Innova, Corolla Altis from Jan 1

Toyota Kirloskar Motor (TKM) is increasing the price of its key models, Innova and Corolla Altis, from January 1, 2009.

The price increase will be in the range of Rs 10,000 to Rs 25,000 for Innova and Rs 16,000 to Rs 25,000 for Corolla Altis, the company said in a release here today.

Commenting on the increase, Sandeep Singh, Deputy Managing Director, Marketing, TKM, said that, “Due to circumstances beyond our control, such as the increase in the rupee / dollar exchange rate by 20 per cent in the last 3 months, we have been forced to increase the price of our vehicles. However, TKM has tried to absorb the price increase as much as possible, limiting the increase to the customer.

Despite the recent reduction in CENVAT, where TKM had reduced prices, passing on the excise duty benefits of 4 per cent reduction entirely to the customer, the current increase is inevitable, he said.

However, Singh indicated that TKM would be actively promoting the Corolla Altis and Innova and would be able to maintain its market share for both the models in 2009.