Toyota Indus Motor Company (IMC) has announced another price hike for one of its best-selling cars. The automaker has increased the price of the Toyota Corolla Altis 1.8 CVT by Rs. 370,000.
Following that hike, the price of Corolla Altis 1.8 CVT has gone from Rs. 5,269,000 to Rs. 5,639,000, which places it into the crossover SUV territory.
The company has cited the ongoing economic instability for the ongoing price hikes. An official statement in this regard reads:
The volatile situation of Forex, increase in utilities and overheads have also impacted the cost of manufacturing for IMC. Thus, this situation has made it extremely difficult for IMC to hold the current retail selling prices, and therefore, we are compelled to pass on some impact to the market.
Over a week ago, Toyota IMC also increase the prices of some other variants of different cars, citing the same reason. The new prices are as follows:
| Model | Old Price | New Price | Price Difference |
| Corolla 1.6 CVT | Rs. 4,789,000 | Rs. 4,979,000 | Rs. 190,000 |
| Corolla 1.6 CVT Special Edition | Rs. 5,279,000 | Rs. 5,479,000 | Rs. 200,000 |
| Hilux | Rs. 8,449,000 | Rs. 9,069,000 | Rs. 620,000 |
| Hilux Revo G 2.8 | Rs 9,169,000 | Rs. 9,839,000 | Rs. 670,000 |
| Hilux Revo G 2.8 Automatic | Rs. 9,609,000 | Rs. 10,309,000 | Rs. 700,000 |
Toyota has increased car prices by 32-37% since January 2022 for its cars across the board. This new price hike on top of that comes as a big surprise for Toyota lovers.
Will other automakers follow suit and increase prices as well? It’s very likely and we’ll know for sure in the next few weeks.
