After a couple of weeks of media speculation, Toyota has finally confirmed price rises for some commercial and hybrid vehicle models sold in Japan, effective 1 September.
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The suggested retail prices for commercial vehicles are to increase by an average of 2%, or JPY29,100 (GBP143/US$265) per vehicle, and for hybrid vehicles by an average 3%, or JPY76,800 (GBP378/$700per vehicle.
“Until now, TMC has countered soaring prices of raw materials such as steel, rare metals and crude oil through stringent cost reduction efforts carried out along with affiliated companies,” the automaker said.
“This has allowed TMC to avoid increasing retail prices of vehicles in Japan. However, recent further price increases in raw materials have been larger than TMC’s cost reduction efforts are able to offset, and with prices expected to remain high, TMC has decided to adjust its suggested retail prices for commercial and hybrid vehicles, which use large amounts of either steel or rare metals.”
