The Rs 2,700 crore (Rs 27 billion) Toyota Kirloskar Motor will take a decision on raising prices only after a formal Union budget is presented, post the Lok Sabha elections.
Addressing a press conference, deputy managing director, K K Swamy, said, "We increased the prices on our models by 1 per cent in January this year. Although the increase was marginal we would like to wait for the Union budget to come out and then take a decision. The high steel prices in the country are a worrying factor. The problem is that domestic manufacturers of steel are benchmarking their prices to the landed cost of imported steel, which is absurd."
Swamy said that the recent free trade agreement with Thailand was a big opportunity for Indian auto component players to become very cost effective and make India a competitive manufacturing base.
Toyota he said would soon start exporting engine transmissions from India to other Toyota plants across the world. Toyota has invested close to Rs 480 crore (Rs 4.80 billion) at setting up a 100 per cent for export transmission unit in the Bidadi industrial area near Bangalore.
"From July this year we will be exporting transmission to other Toyota plants and these will not just be for the platforms that are being produced in India," Swamy said.
Toyota has invested close to Rs 1,400 crore (Rs 14 billion) at its plant near Bangalore.
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