Saar: The price revision will be to offset the rise in input costs.

According to a PTI report, Toyota Kirloskar Motor (TKM) is mulling to hike prices of its products from as early as next month. The report suggests that this move will help the Indian arm of the Japanese carmaker to offset the rise in input costs. The company has a range of products on sale in the personal vehicle segment, starting from the Etios Liva hatchback to the Land Cruiser SUV.

N Raja, deputy managing director, TKM, reportedly said, “Challenges in terms of rising input costs have been there. We are holding on to it (price increase) for some time now. Shortly, we will be doing it. It could be even as early as next month.” Presently, the company is working to decide what that hike will be. Normally, these price hikes come into effect as soon as a new fiscal year begins. In fact, premium carmakers like Audi and Mercedes-Benz did increase the prices of their respective offerings ranging from Rs 1-10 lakh. Those came into effect earlier this month to pass on the cost of customs duties to customers.

Toyota is also lining up to introduce a new model in India. Called the Yaris, it will compete with the likes of the Hyundai Verna, Maruti Suzuki Ciaz, Honda City and the Volkswagen Vento. When asked how he feels about entering the segment for the first time, he said, “It is quite a competitive segment with an industry size of 4 lakh units per annum. I see TKM doing well in this segment. I know we are the late entrants but we have the advantage of having a superior product in terms of technology and features.”

Also Read: Toyota Initiates Voluntary Recall For Corolla Altis

Not only will the company try and lure customers away for the Yaris from its competition, but also focus on their current customer base. Raja mentioned that there are over 3 lakh Etios customers who are looking for an upgrade. They are Toyota loyalists and the Yaris will fit in quite well. Moreover, he added, “We have done a market survey. All our Innova and Fortuner customers also own a family sedan. These are the things we are focusing on.”

The Yaris is due for launch in May 2018. It will only be offered with a 1.5-litre petrol engine but can be opted with either a 6-speed manual transmission or a 7-speed CVT (continuously variable transmission). The real kicker that Toyota is banking on is the safety standard that the Yaris will introduce in the segment. It will become the first car to offer 7 airbags as standard across the range.

Earlier this month, Toyota silently introduced an updated version of its Camry. Called the Camry Hybrid 2018 Edition, it is priced at Rs 37.22 lakh (ex-showroom Delhi).

Also Read – Toyota’s Summer Service Campaign: It’s Different!