Automobile major Toyota Kirloskar Motor said it will raise vehicle prices from October 1. This announcement came after the announcement of stopping Toyota Yaris' production from India.
According to the auto manufacturer, the hike has been necessitated to partially offset the increase in input costs.
"The overall price increase has been tapered down considering the impact on our valued customers," the statement said.
"As a customer-centric company, we remain committed to cater to the ever-evolving needs and requirements of our customers by consciously minimising the impact of rising costs on consumers," it said.
Lately, the rise in material cost has heavily impacted auto manufacturers with many resorting to pass on the rise to customers.