Free Press Journal

Toyota and GM mull price hike


New Delhi : Hit hard by rupee fall, automobile companies including Toyota and General Motors, are keeping options open to increase prices of their vehicles. “We will wait and watch for some time and will review our car prices at the end of the month. If this slide continues, we will be forced to increase the prices,” Sandeep Singh, Deputy MD and COO (Marketing and Commercial), Toyota Kirloskar Motors (TKM), told PTI.

He said the fall in rupee will have an adverse impact as TKM imports around 50% of its parts. General Motors India Vice-President P Balendran said the firm had hiked prices in first week of June and there was no plan for an immediate hike again.

“But we will keep evaluating impact and review again,” he added.Maruti Suzuki India officials said the company is still undecided on hiking prices. The rupee has been continuously losing ground against the dollar and sunk by 90 paise to an all-time  low of 58.77 on Tuesday.