Toyota Looking at Price Hikes to Fend Off Inflation and Rising Costs

Executives mentioned the need to Increase prices to counteract increases in raw material and other component costs on a recent earnings call. The pressure will be felt by Toyota customers in the US, but they are not the only ones. In an effort to offset its more than $2 billion increase in expenditures between July and September 2022, the manufacturer will likewise boost prices in Europe. Toyota must increase prices to pay costs, but not too much or it may lose customers. Customers expect to pay little more than $30k for a nice Camry and desire an inexpensive Corolla, therefore Toyota cannot break with tradition and boost prices arbitrarily.