Toyota Indus Motor Company has announced a massive price hike for Corolla and Hilux variants.
The automaker blames rising manufacturing costs and the weakening rupee in a notification it has issued.
Here are the new prices:
|Vehicle||Old Invoice||New Price||Difference|
|Toyota Corolla Altis 1.6 CVT||Rs4,789,000||Rs4,979,000||Rs190,000|
|Toyota Corolla Altis 1.6 CVT SE||Rs5,279,000||Rs5,479,000||Rs200,000|
|Toyota Hilux Revo G 2.8||R9,169,000||Rs9,839,000||Rs670,000|
|Toyota Hilux Revo G 2.8 AT||Rs9,609,000||Rs10,309,000||Rs700,000|
Since January 2022, Toyota has raised the pricing of all of its vehicles by 32 to 7 per cent. Aspiring Toyota buyers are put into a worse situation by this additional price increase.
These models are now more competitively priced with their top-tier competitors in their respective categories. Toyota may therefore be using decoy pricing to steer client spending into their more expensive items as one of its goals.
IMC may also want to prepare customers for potential price increases that are even higher relative to those for the more expensive versions of these particular models.
Regardless of what Toyota hopes to accomplish with this price rise, the cause is most likely the same: its operational loss of Rs3.3 billion in Q1FY23. From Rs5.42 billion in Q1FY22 to Rs1.29 billion in Q1FY23, Toyota’s sales revenue fell by 76 per cent. Toyota would have ended the quarter with a total loss if it weren’t for its Rs5.16 billion in other income.