Toyota has announced a price increase across its model range taking effect from the beginning of 2009
Global economic pressures have forced Toyota to revise its pricing across its model range with prices increasing on average 2.5 per cent.
Toyota's announcement follows recent similar announcements from Honda, Nissan, Mitsubishi, Mazda and Kia.
Toyota New Zealand's General Manager of Sales and Operations, Steve Prangnell said: "Despite the good year Toyota has experienced to date in New Zealand, we have had to finally follow the market and respond to the raw materials and exchange rate pressures that have pushed up costs over the past six months."
Mr Prangnell said the adjusted prices would take effect from 1 January 2009, as Toyota has sufficient stock to cover the next six weeks sales at current prices. He also cautioned that unless there was a dramatic recovery in the NZ dollar then Toyota would be looking at further price increases in 2009 to offset the losses they would be incurring in the interim.
"The NZ dollar has fallen against the yen by around 25 per cent and this price increase is potentially only a first step," he said.