Toyota has been absorbing the additional costs all this while, protecting the customers from price increase, it added.
"However, due to the continued pressure of high costs, we have to pass on a part of it to customers. Toyota is considering a price increase of up to 4 per cent across models with effect from January 1, 2019," it said.
The company currently sells a range of vehicles starting from hatchback Liva to luxury SUV Land Cruiser, which are priced between Rs 525,000 and Rs 14.1 million.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.