Toyota India announces price revision for its product lineup from October 1, 2021
As we approach the fourth quarter of 2021, this is the year when automakers take a closer look at vehicle market prices. Small regular price hikes across the spectrum are part of an established pattern in the auto industry, with increasing cost commitment to manufacturers. The Indian auto market is still in a volatile situation, down from the trend of a year ago, with a price upward trend expected.
After an extended and all-encompassing lockdown that brought all auto sales to a halt, the auto industry woke up to the problem of an endless parts shortage. Add to this the regular fluctuations in prices in manufacturing. TKM (Toyota Kirloskar Motor) will discontinue the current price list from October 1, 2021 and all orders placed after that will be on the new price list.
Toyota Price Hike October 2021 – Input Cost Hike
“TKM today indicated that the company will revise the prices of its models from 1 October 2021. This hike is necessary to partially offset the increase in input cost. The overall price increase has been curtailed keeping in view the impact on our valued customers. As a customer-centric company, we are committed to meet the ever-evolving needs and requirements of our customers by consciously reducing the impact of rising costs on consumers. “
This announcement is true for all TKM cars. These include Glanza, Urban Cruiser, Innova, Fortuner, Camry and Vellfire. The decision has been taken after considering the rising cost of living for the manufacturers.
Such decisions are not taken lightly and such modifications represent a small difference on each car model. This week, Toyota India announced the discontinuation of its Yaris premium hatch. For now, this includes its limited market lineup.
Auto manufacturers are confident that regular revision of pricing strategy helps in providing better value proposition to customers by reducing the cost burden. The increase in cost is also indirectly related to rising fuel prices, rising raw material prices and increasing man-hours required to maintain quality control over the products resulting in higher labor cost. At all times every effort is made to ensure that the price of the product is reasonable.
The growth of core businesses of automotive component manufacturing and supply in India over the years helps manufacturers maintain operational excellence and agility even in adverse economic conditions.
TKM is focused on enhancing its product portfolio with attractive offerings for both consumers and business partners. With its commitment to provide quality products and services to the customers, the company will focus on expanding the product lineup. On the cards, there should be some new additions to the portfolio. For starters, one can look forward to the launch of the Toyota Belta. While Toyota has a fairly large market share in some overseas markets, sales in India do not place it on the platform in India.