Toyota announced on Monday that it will increase its suggested retail prices for certain commercial and hybrid vehicles sold in Japan from September to offset higher prices of raw materials such as steel, rare metals and crude oil. The retail prices for the Prius and Harrier hybrid vehicles are to increase by an average of 3%, or 76,800 yen and 136,500 yen respectively and by an average of 2% for commercial trucks.
“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,” Toyota said in a statement.
Other News
Toyota Beats GM in Global Sales During First Half of the Year
Toyota is well under way to become the world’s undisputed number-one carmaker in global sales as the Japanese company managed to sell 4.82 million vehicles during the first half of 2008, up 2.2% from a year ago. GM on the other hand saw its sales slip by 3% to 4.53 million vehicles in the same period. For the second quarter of 2008, GM reported sales of more than 2.28 million vehicles, down 5% from 2007. While GM’s Q2 sales outside of North America grew 10% (up 116,000 vehicles), in the U.S. sales were down 20% (236,000 vehicles). Toyota’s reported Q2 sales of 2.41 million, up 1.8% from a year ago.
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