Toyota Kirloskar Motor has recently increased prices across its entire vehicle range starting from July 5, 2023. The decision to raise prices is attributed to the rising input costs and the need to partially offset the increase in raw material expenses. While the exact extent of the price hike for each model has not been confirmed, customers can anticipate a slight increase in prices, which may vary depending on the specific model and variant. In a similar move, Toyota’s luxury brand, Lexus, had also increased prices of the ES 300h by up to 2 percent for similar reasons.
In an official statement, Toyota Kirloskar Motor mentioned that the realignment of prices was necessary due to the escalating input costs. The company emphasized its commitment to meeting the evolving market demands and stated that every effort was made to minimize the impact of cost increases on customers.
According to the company’s website, the base trim of the Toyota Innova Hycross now starts at ₹18.82 lakh, marking an increase of approximately ₹27,000. The Toyota Urban Cruiser Hyryder now starts from ₹10.86 lakh, while the Fortuner range begins at ₹32.99 lakh (all prices are ex-showroom India). These prices reflect a marginal hike, estimated to be around 1.5-2 percent across the various models. This is Toyota’s second price increase in the current fiscal year, following a previous hike in May, which affected all models in their lineup and ranged up to ₹60,000.