To partly offset its losses due to the rupee depreciation, India’s subsidiary of Japanese car maker Toyota Kirloskar Limited (TKM) has decided to hike prices of its entire product range in India by 1.5 per cent, effective September 1.
The car maker had in June this year hiked prices of its product by 1 per cent also because of the weak rupee.
The company manufactures and sells compact car Liva priced between `4.10 lakh and `6.32 lakh, while Etios sedan is priced at `5.14 lakh to `8.23 lakh.
TKM imports many critical components such as engines and transmissions for its different models in India.
The multi-utility vehicle Innova is available for `8.98 lakh to `13.72 lakh and the premium sedan Corolla Altis is offered at `11 lakh to `15.43 lakh. TKMs sports utility vehicle Fortuner is priced between `20.89 lakh and `22.04 lakh.
“The rupee depreciation has hit us very badly and it is affecting our margins. We are trying to hold this as far as possible. We are forced to pass on the burden partially to our customers,” Deputy Managing director marketing Sandeep Singh said.
“Although we have not finalised the quantum of the hike it will be around 1.5 per cent,” he added.
The rupee today fell by 34 paise to 55.99 against the US dollar in the early trade.