New Delhi, Sep 17 (IANS) Japanese automobile major Toyota's Indian subsidiary Tuesday said it will increase the prices of its key models by 1.50 percent from Sep 21, 2013, on the back of the falling rupee value.
According to the company, prices of entry-level sedan Etios, entry-level hatchback Etios Liva, Innova and Corolla Altis will be increased.
Earlier, Sandeep Singh, managing director and chief operating officer, Toyota Kirloskar Motor, said the company might raise prices if rupee depreciation continued.
The partially convertible Indian rupee has depreciated by close to 25 percent from the start of the fiscal year.
The rupee depreciation coupled with high import duties increases the cost of foreign built parts which are used by automobile companies in their models.