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Toyota Kirloskar Motor (TKM) announced on Thursday that the company is planning to increase the prices of certain grades of its specific models by 1% from April 1, 2024. The move is attributed to escalating input costs and operational expenditures.
Earlier today Toyota reported that their global sales dropped 7% in February from a year earlier, hurt by a heavy decline in China due to Lunar Year holidays and a slump in Japan after a safety test scandal at its small car unit.
Sales in China – the world’s biggest auto market – tumbled 36%. This year the week-long Lunar New Year holiday took place in February while last year it occurred in January.
China’s auto market is also engaged in a cut-throat price war and Toyota said sales were affected by fierce competition.
For January and February combined, however, the sales decline in China was a much milder 0.7%, although that was still less than a 6.4% rise in passenger vehicle sales sector-wide, according to data from an auto industry association.
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Toyota’s global output for February shrank 2.6% to 737,178 vehicles.
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