Toyota Kirloskar Motor (TKM) will hike prices of its compact Sports Utility Vehicle (SUV) Urban Cruiser and premium hatchback Glanza from May 1, 2022 to offset the increase in input costs, the cmpany said on Friday and PTI reported.
At present, the Urban Cruiser is priced between Rs 8.88-11.58 lakh while the Glanza is tagged at Rs 6.39-9.96 lakh (ex-showroom Delhi), depending on the variants.
“This hike is necessitated to partially offset the increase in input costs. The overall price increase has been tapered down considering the impact on our valued customers,” the report said quoting a TKM spokesperson.
The company remains committed to catering to the ever-evolving needs and requirements of customers by consciously minimising the impact of rising costs on consumers, the spokesperson added.
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Increasing prices of commodities like steel, aluminium and other precious metals as well as higher costs of other raw materials have had an impact on automobile manufacturers.
Earlier, India’s largest passenger car mker Maruti Suzuki India announced price hike across its entire model range this month amid rise in input costs.
Last week, Tata Motors had hiked prices of its passenger vehicles by 1.1 per cent to partially offset rising input costs, while in the beginning of the month it increased prices of its commercial vehicles by 2-2.5 per cent.