Toyota Kirloskar Motor will raise the prices of entire range of locally-produced vehicles by up to 3%, one of its steepest rate hikes, from January 1 due to the weakening of rupee against the yen.
Toyota has already increased the prices of its vehicles thrice this year, in April, July and October, by a total of around 5%. Rupee depreciation is putting severe pressure on firms importing substantial amount of components from overseas.
A 3% hike means the car prices will be up from Rs. 10,000 to 50,000 depending on the model and variant. This will be one of the steepest hikes that the company will undertake in the recent years.
The Liva is sold at Rs 3.99 lakh-Rs 5.99 lakh. The Etios is priced at Rs 4.99 lakh-Rs 7.87 lakh, while the Corolla Altis is available between Rs 10.63 lakh and Rs 14.75 lakh.
The company sells the Fortuner at Rs 20.45 lakh, while the Innova’s prices vary from Rs 8.48 lakh to Rs 12.81 lakh.
Toyota will launch the facelifted Innova and Fortuner at revised prices and the launches will take place at the 2012 Auto Expo.
Toyota Racing Development, the motorsport arm of Toyota has announced its plans to enter the Indian motorsport scene with a one-make series. Due to begin in mid-2012, the one-make road racing series that will possibly span the three racing tracks of the Buddh International Circuit, Coimbatore and Chennai race tracks, it will most likely mirror a sort of touring car championship series.
Toyota Kirloskar will provide the cars and engines for this one-make series, though unlike the Volkswagen Polo Cup would only be run by the company. About 25 to 30 cars would be part of this series and the engines and cars would be sold to customers/teams that are keen on participating in the series.