Toyota Kirloskar Motor today announced a 3 per cent increase in prices of all its vehicles from January 1, 2016.
The hike is prompted by increasing cost of manufacturing vehicles and a consistent upward trend in foreign exchange rates, the company said in a release.
"We have been absorbing all the additional costs till now, thereby protecting our customers from the price rise.
"However, owing to continued pressure of high costs and foreign exchange rates remaining above Rs 66 (against dollar), we have been pressured to increase the cost of all our products", Senior Vice President (Marketing and Sales), Toyota Kirloskar Motor N Raja said.
The company also announced the launch of its year-end offers and benefits up to Rs 50,000 and lower interest rate in the range of 6 to 7 per cent on different models.
It further said that the company witnessed a steady all year round cumulative growth of 7 per cent in sales from January to November 2015 against same period last year with the Etios and Liva family followed by the Camry Hybrid receiving overwhelming response.
The company's product range includes Innova, Fortuner, Corolla Altis, Etios, Etios Liva, Etios Cross, Camry and Camry Hybrid. Prado, Land Cruiser and Prius are imported as CBUs.
