Toyota hikes car prices by up to 1%
New Delhi: Car major Toyota Kirloskar Motor Friday announced raising prices of select models by up to 1 percent with immediate effect in order to partly offset losses due to rupee depreciation.
"With the rupee weakening, we are unable to retain the current prices. We are forced to pass a part of it to our customers," Toyota Kirloskar Motor (TKM) Deputy Managing Director (Marketing) Sandeep Singh said in a statement.
The company has raised prices of the diesel version of its sedan Etios and multi-utility vehicle Innova by 1 percent, he added.
There is also "a 0.5 percent increase in Fortuner and Etios Liva Diesel", Singh said.
TKM has hiked the prices with effect from June 1, the statement said.
Earlier the company had said it was planning to rev up exports from India in order to reduce losses, which has touched Rs 60 crore in the last four months due to rupee depreciation.
The company, which is a joint venture between Japan's Toyota Motor and Kirloskar Group, entered into the export market with the first consignment of its Etios cars, which were shipped to South Africa in April 2012.
Toyota Kirlosakar Motor (TKM) had planned to export 20,000 units of the Etios series per annum.
The company imports many critical components engines and transmission for its different models in India.
The rupee has fallen over 13 percent since early March due to a combination of deteriorating global risk sentiment and weak domestic fundamentals.