Toyota is set to raise prices of hybrid cars and commercial vehicles by 1-3 percent in Japan as costs for steel and other materials rise, the Nikkei business daily has reported.
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It’s unclear exactly which models will be affected.
The company is said to be eyeing price rises for hybrids in its Japanese home market to help offset higher material costs on hybrid models, in particular.
Such rises would be the first time since 1992 that Toyota hiked prices without an accompanying model update.
Toyota is also increasing prices in the US.
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By GlobalDataIndustry analysts say that what Toyota does in Japan is crucial because it is the market leader. Number two Nissan could be expected to follow.
See also: Anyone for higher car prices?
