Toyota Kirloskar Motors Price Hike Alert: TKM to hike prices on select vehicles from April 1

Car Price Hike: Automaker Toyota Kirloskar Motor on Thursday said it plans to increase prices of select vehicles up to 1 per cent from April 1 citing rising input costs and operational expenditures.

In a statement, the company said it is planning to increase prices of certain grades of its specific models effective April, 1 2024.

"With an anticipated 1 per cent increase, the move is attributed to escalating input costs and operational expenditures," Toyota Kirloskar Motor (TKM) said.

TKM sells a range of vehicles starting from hatchback Glanza to premium SUV Fortuner which are priced between Rs 6.86 lakh and Rs 51.44 lakh.

Following Kia's Lead

The decision by TKM follows Kia India's recent announcement to raise vehicle prices by up to three per cent starting April 1, 2024. Kia cited escalating commodity prices and supply chain costs as reasons for the increase.
 
Kia India's portfolio includes popular models like the Seltos, Sonet, and Carens, all of which will see price hikes. This marks the first price increase for Kia vehicles this year, in response to the changing economic landscape affecting the automotive industry.

Honda's Second Wave of Price Hike

Honda Cars India has announced plans for a second round of price hikes slated to come into effect from April 2024, following an earlier increase in January. The decision seems to be driven by various economic factors impacting the automotive industry. The forthcoming price adjustments will affect all models in the company's lineup, including the Elevate, City, and Amaze series. However, the exact percentage of the increase has yet to be officially disclosed.
 
Currently, the Honda Amaze, serving as an entry-level choice, starts at Rs 7.16 lakh, while the premium Elevate begins at Rs 11.58 lakh. The Honda City, a favourite among consumers, starts at Rs. 11.71 lakh, while its hybrid variant, the City e:HEV, is priced at Rs. 18.89 lakh, excluding taxes and additional charges.