Toyota, Honda, Kia to hike car prices from this date!

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Toyota Kirloskar Motor (TKM) is going to hike car prices by up to one per cent from April 1, 2024 owing to increased  input cost and rising operatioal expenditure. Subsequently, Toyota’s flagship Innova  and also  other vehicles like Glanza, Fortuner, etc will become further costlier in India from April, onwards. TKM sells a range of vehicles starting from hatchback Glanza to premium SUV Fortuner in India. “With an anticipated 1 per cent increase, the move is attributed to escalating input costs and operational expenditures,” Toyota Kirloskar Motor (TKM) said.

A few days ago, sighting similar reasons, other two automobile manufacturers, Kia India and Honda Cars India had also announced vehicle price hikes from the next month.

Kia India vehicles would become more costlier by up to three per cent. While, the Japan based automobile manufacturer, Honda Cars India had not stated how much marging of the hike would be?

Kia India National Head Sales and Marketing Hardeep Singh Brar had said, “Due to the continuous increase in commodity prices, adverse exchange rate and rising input cost, we are compelled to implement a partial price hike.” Subsequently, all five vehicles of the South Korea based automotive company would become further costlier. Kia India retails Seltos, Sonet, Carens, Carnival and EV6 in India.

From April 1, 2024, not only automobiles of these three companies are going to become costlier, but also, electric two wheelers (E2Ws) in the country are also going to become expensive. Owing to Centre’s withdrawal of subsidies under the FAME-II incentive scheme and implementation of Electric Mobility Promotion Scheme (EMPS) 2024 from the beginning of the next fiscal, credit rating agency, Icra, had anticipated 10 per cent rise in E2W prices.

Currently, under the FAME-II scheme, the Centre gives Rs 10,000 per kilowatt hour subsidy on E2Ws with a cap of 15 per cent of the ex-factory price. But under EMPS, the government has reduced the subsidy to Rs 5,000 kWh with a cap of Rs 10,000 kWh.