The weakening of the rupee against the dollar has caused Toyota Kirloskar Motor (TKM) to consider increasing the on-road prices of its car models the Corolla Altis and the Innova. Over 40 per cent of both the cars’ parts are imported, making a price hike necessary for the company, in spite of such a step seeming unfeasible during a slowdown. Currently, the price of the Corolla ranges from Rs 12 – 14 lakh, while the Innova is priced between Rs 8.5 lakh and Rs 12 lakh.
The cars will be costlier by Rs 20,000 to Rs 30,000 after the hike which is likely to be implemented sometime next month. The month of December is expected to be a difficult one for car manufacturers and Toyota may see a 50 per cent fall in sales.