Toyota Kirloskar Motor will raise the prices of entire range of locally produced vehicles by up to 3% one of its steepest rate hikes, from January 1 due to the weakening of rupee against the yen.

Mr Sandeep Singh deputy MD of Toyota Kirloskar Motor told PTI that "For the last three months, we have been absorbing the pressure of currency fluctuations. Now we have decided to pass on some burden to customers. We will raise the prices by 1.5 to 3% from January 1.”

He added that the company will increase the prices of all vehicles manufactured in India and the quantum of hike will vary from model to model. The new rates will be finalized by third week of this month.

Mr Singh further said that "Although we have not finalised the exact amount of hike for each models, the highest will be for our SUV Fortuner and it will be about INR 50,000.”

This will be one of the steepest hikes that the company will undertake in the recent years.

(Sourced from ET)