According to the company, the upward revision has been necessitated to partially offset the impact of increasing commodity prices.
“The price revision will be up to Rs 2,000 and the exact quantum of increase will be subject to specific model and the market,” the company said in a statement.
On Saturday, automaker Toyota Kirloskar Motor (TKM) said it will realign the prices of its models, by up to 4 per cent effective from April 1. The company said this hike has resulted due to the rising input cost, including that of raw materials.
“As a committed and customer-centric company, TKM has made all conscious efforts to minimise the impact of rising costs on consumers,” a TKM spokesperson has said in a statement.
Luxury automobile manufacturer BMW India said it will increase prices by up to 3.5 per cent across its model range effective from April 1.
The price increase will be brought into effect to adjust the material and logistics costs, impact of current geo-political situation and exchange rates, the company had said.
Earlier, another luxury carmaker, Mercedes-Benz India had announced an upward revision in price of its entire model range effective from April 1. As per Mercedes-Benz India, the imminent price correction would be in the range of 3 per cent across the entire model range. It said that the constant increase in input prices in addition to an increase in logistics rates have been exerting significant pressure on the overall costs of the company.