Toyota said today that the company may consider raising prices of its passenger cars in the near future to make up for the rising cost of raw materials.
“Our basic principle is to continue to work on cost reductions within the company first,” said Toyota spokesman Paul Nolasco. “But we won’t be able to avoid thinking about price hikes in the future considering a recent jump in raw materials costs,” he said, adding that no decisions had been made at present.
Nolasco said that Toyota would not be able to raise prices right away due to tough global competition.
Nissan’s CEO Carlos Ghosn said a couple of days ago that Nissan will increase prices of its cars in Japan to offset the increase in the price of raw materials.
Source: Automotive News (Subscription Required)