Following Kia and Tata, Toyota Cars to See Price Surge: Companies React to Rising Input Costs, New Rates Effective April 1
Toyota Kirloskar Motor (TKM) has decided to increase the prices of several preferred models. According to company sources, this hike will amount to 1%. Toyota has raised the prices due to increasing input costs and operational expenses. The new prices will come into effect from April 1st, varying across different models and variants of the vehicles.
The company has stated in its announcement that it is preparing to raise the prices of several models from April 1st. Toyota’s range includes hatchbacks, premium sedans, and utility vehicles, extending up to SUVs. The prices of these vehicles will range from 6.86 lakh rupees to 51.44 lakh rupees.
Auto Companies Set to Increase Prices in the New Financial Year
As the new financial year (FY) begins, auto companies are gearing up to hike the prices of their vehicles. With the commencement of FY25, car companies have announced plans to raise the prices of their vehicles, taking into account various factors.
Maruti, Hyundai, Tata, and Mahindra have not yet made any official announcements regarding price hikes. However, it is anticipated that these companies will soon increase the prices of their cars in the near future.
Kia Cars to Become 3% More Expensive from April 1st
Kia Motors India announced a 3% price hike across all its vehicles on March 21st, with the increased prices set to take effect from April 1st, 2024. This decision comes as a response to rising commodity costs and supply chain-related input expenses.
This year marks the first time Kia has adjusted its prices. Following the implementation of the increased prices, the cost of Kia’s most popular car, the Seltos, is expected to rise by approximately ₹32,697. Similarly, the prices of the Sonet and Carens could increase by ₹23,970 and ₹31,347, respectively.
Tata Motors Increases Prices of Commercial Vehicles by 2%
Tata Motors announced a 2% price hike for its commercial vehicles on March 7th. The new prices will come into effect from April 1st, varying across different models and variants of the vehicles.
As India’s largest commercial vehicle manufacturer, Tata Motors stated in its exchange filing that the decision to raise prices was made due to increasing input costs. Previously, Tata Motors had increased the prices of commercial vehicles by 3% starting from January 1st.
