Toyota considering price hike for cars - Report - 01 Jul, 2008
Reuters reported that Toyota Motor has hinted that it might be forced to increase the prices of its passenger vehicles in the future, if the raw material costs continue to rise.
While the company believes that the tough global competition makes it unadvisable to take such a step, Toyota said that it may have to still go ahead and increase the prices.
Mr Paul Nolasco a spokesman of Toyota was quoted as saying that "Our basic principle is to continue to work on cost reductions within the company first. But we won't be able to avoid thinking about price hikes in the future considering a recent jump in raw materials costs.” He, however maintained that no decision had been made so far.
According to the Nikkei business daily, Toyota may raise the prices of all domestic vehicles at once and make a final decision in early July.
