Automobile company Toyota Kirloskar Motor is considering to increase the price of its products by upto 4 per cent from January 1, 2019 in view of rising manufacturing costs.
After periodically reviewing the continuous pressure of increasing manufacturing costs because of rupee depreciation, the company intends to hike the price of vehicles, a press release said.
Toyota Kirloskar has been absorbing additional costs all this while and protecting the customers from the spurt in prices, the release said.
“But, the pressure of cost in manufacturing has been so much that we have to pass it on to the customers,” the release added.
The company has two plants in Bidadi on the outskirts of the city and they manufacture Innova, Fortuner, Corolla Altis, Toyota Yaris, Etios, Etios Liva, Etios Cross, Camry and Camry Hybrid.
The factories have a production capacity of 3.1 lakh units annually.