Toyota Indus Motor Company has announced a hefty price hike for the Toyota Corolla Altis 1.8 CVT variant. The popular sedan from the automaker has witnessed a price increase of Rs370,000 from its earlier price tag of Rs5,269,000.

The Altis 1.8 CVT now has a new price tag of Rs5,639,000. Earlier, the automaker also increased the price of the Altis 1.6 variants.

The company has cited the depreciation of the local currency and ongoing economic instability as reasons for the latest price increase.



An official statement from the automaker reads:

The volatile situation of Forex, increase in utilities and overheads have also impacted the cost of manufacturing for IMC. Thus, this situation has made it extremely difficult for IMC to hold the current retail selling prices, and therefore, we are compelled to pass on some impact to the market.

It is worth noting that Toyota IMC has raised car prices by up to 37 per cent since the beginning of 2022 for its cars across the board. This new price hike on top of that comes as a big surprise for Toyota lovers.