Japanese carmaker stated that due to the increase in production cost, the prices of the entire product range of Toyota will be increased by 4 percent from January 2019.
Toyota also added that the main reason for an increase in production costs is the devaluation of the rupee due to which there was a continuous pressure of increasing manufacturing costs.
As per Toyota, the growth in the price of production is a ‘general industry phenomenon’. The hike in price will affect the models including- Corolla Altis, Innova Crysta, Etios, Fortuner, Yaris, Land Cruiser, Etios Liva, Camry, Prado and Prius.
Not only Toyota made this announcement of hike in prices but also BMW has announced the hike in price by 4 percent for all the cars in 2019. More manufacturers are expected to raise the price and they will soon make the announcement regarding it.