Toyota Increases Domestic Prices on Hybrids and Trucks

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.