Prices of precious metals like rhodium and palladium have risen significantly in the past year. Steel prices have also reached record levels during this period. This is the reason why auto companies are increasing the prices of vehicles.
The price of Toyota Innova Crysta will increase by 2 percent with effect from August 1, 2021.
After the second wave of the corona epidemic, the auto industry is now recovering from the recession, but it is affecting the pockets of the customers. This year most of the auto companies have increased the prices of their vehicles. Many have announced an increase in prices for the third time in a year. Toyota’s name has also been included in this list.
Toyota Kirloskar Motor has announced a two percent increase in the prices of Toyota Innova Crysta MPV. The price hike will be effective from August 1, 2021. The automaker said the increase was necessary to partially offset the substantial increase in input cost. As of now, the price hike seems to be limited to the Innova Crysta only. Currently, the price of this premium MPV starts at Rs.16.11 Lakh (ex-showroom). At the moment it is not clear whether the company is planning to increase the prices on the rest of the models in future.
Toyota said in a statement, “At Toyota Kirloskar Motor, we would like to announce that the company will increase the price of its flagship product Toyota Innova Crysta by 2 percent with effect from August 1, 2021. This increase is necessary to partially offset the substantial increase in input costs. The price hike has been reduced keeping in view the impact on our valued customers. As a customer-focused company, we are committed to meet the ever-evolving needs and requirements of our customers. It is our endeavor to reduce the impact of rising costs on consumers.”
The company said that the prices of precious metals like rhodium and palladium have increased significantly in the last one year. Steel prices have also reached record levels during this period.
These companies will also increase the price of vehicles
Toyota joins other carmakers including Maruti Suzuki and Tata Motors which have increased prices in recent weeks. Maruti has increased the prices by up to Rs 15,000 on the Swift and its CNG model line-up. Meanwhile, Tata hiked the prices across the range but did not reveal the quantum of the hike at that time. Both the companies argued for increase in input cost of raw material, which has increased the cost and is partially affecting the customers. The Innova Crysta continues to be Toyota’s top seller in India.
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