Toyota has increased the prices of the Corolla Altis by Rs. 10,000-Rs. 50,000 and the Innova by Rs. 10,000-Rs. 25,000. The price hike will go in effect from 1st April 2009. Toyota quotes the reason for price hike similar to Honda, i.e depreciation of rupee and yen against the US currency and rising input costs.
“So far, we have tried to absorb price increases (input costs) as much as possible, in order to limit the increase passed on to the customers. “However, due to unavoidable reasons such as recent changes in the rupee/dollar and yen/dollar exchange rate, we are now required to make necessary revisions in pricing,” Toyota Kirloskar Motor Deputy Managing Director (Marketing) Sandeep Singh said.