Toyota to hike vehicle prices by up to 3% from January

The company said that the hike is due to rise in input costs, electricity, maintenance and foreign exchange

Japanese auto major Toyota will hike prices of its vehicles across all models in India by up to 3% from January to offset rising input costs and unfavourable foreign exchange fluctuation.

The company, which is present in India through a joint venture with the Kirloskar group -- Toyota Kirloskar Motor (TKM) -- is, however, yet to finalise the details on the quantum of hike on individual models.

"We have been holding back a price hike and absorbing for a long time, but input costs, electricity, maintenance and foreign exchange have increased. Therefore, we have decided to increase prices of our vehicles from January," TKM director and senior vice-president, sales and marketing, N Raja told PTI.

When asked about the quantum of hike, he said: "We are still finalising the details, but it will be up to 3%."

TKM sells a range of vehicles from compact car Liva with price starting at Rs 5 lakh to Land Cruiser tagged at Rs 1.29 crore (all prices ex-showroom Delhi).

Already German luxury car makers Mercedes Benz and BMW have announced that they would increase prices of their vehicles across models by up to 2% and 3%, respectively, from January to offset rising input costs.