As we approach 2022, carmakers are planning to hike the prices of their cars. As some models don’t receive any updates in between, annual price revision is a tradition. With rising input costs, both Toyota and Tata Motors have decided to increase the price of their vehicle range. Toyota’s price hike will be effective from 1st of January 2022 and Tata will make it effective in the first week of January 2022.
Toyota price hike
Toyota Kirloskar Motor released a statement yesterday regarding the price revision. The carmaker has decided to revise the prices of all its vehicle lineup. This includes the Innova Crysta, Camry, Fortuner, Vellfire, Glanza and Urban Cruiser. The prices are effective from the first day of 2022.
Toyota hopes on ending the year with positive growth in sales. They managed around 25,000 unit sales in the present quarter and in November alone they sold 13,002 units. Toyota managed to sell 8,508 units in November 2020, which give a year on year growth of 52.83%.
The carmaker is preparing to launch the Belta sedan and Rumion MPV which are rebadged Maruti Ciaz and Ertiga respectively. The cars have been launched in a few overseas markets, we expect them to come anytime next year.
The biggest news from Toyota is their joint venture with Suzuki. Yes, both these Japanese carmakers have invested money and time to build a midsize SUV. According to reports, they have invested around ₹1,000/- crores to develop the car from scratch. The SUV will rival the Segment leader Hyundai Creta, Kia Seltos and Tata Harrier.
Tata price hike
Tata’s sales on the other hand have gone up in recent months. They grabbed the third spot in November 2021 sales behind Maruti and Hyundai. The newly launched Punch and the Safari before that is to be thanked. The Micro SUV securing a 5-star rating and the affordable price range are the reasons for the success. Along with this, they also got back the Tiago NRG, Dark editions of the Altroz, Nexon and Harrier.
Now Tata has been pointing out the rise in raw material and input cost, supply chain issues and other factors for the price hike. Hence, the entire Tata’s passenger vehicle lineup will suffer a price hike. This includes both the Nexon EV and Tigor EV.
The whole automobile industry is going through a rough patch. From lockdowns affecting their sales to the semiconductor shortage delaying production. Along with Toyota and Tata, we also expect carmakers such as Maruti Suzuki, Citroen, Mercedes and Audi to increase prices for similar reasons.