Toyota Kirloskar Motor (TKM) on Thursday said it will increase prices of its multi purpose vehicle Innova Crysta by up to 2 per cent with effect from next month. The company would realign the price of Innova Crysta by up to 2 per cent effective August 1, 2021, the automaker said in a statement.
The increase is necessitated to partially offset the substantial increase in input costs, it added. The price increase has been tapered down considering the impact on the company's customers, TKM stated.
"As a customer-centric company, we remain committed to cater to the ever-evolving needs and requirements of our customers by consciously minimising the impact of rising costs on consumers," it noted.
Prices of precious metals like rhodium and palladium have gone up significantly over the last one year. Steel prices have also remained high during the period.
On Wednesday, Tata Motors said it would increase prices of its entire range of passenger vehicles from next week.
Earlier this month, the country's largest carmaker Maruti Suzuki India hiked prices of hatchback Swift and CNG variants of other models by up to Rs 15,000 to counter increase in input costs.
Similarly, Honda has also announced increasing prices of its entire model range in India from August as it looks to offset the impact increase in commodity prices.
