3 Japanese Auto Makers to Raise Their U.S. Prices
TOKYO — Toyota, Honda and Nissan said Friday that they will raise the prices of cars sold in the United States next month.
The announcements come at a time of growing pressure from the Japanese government and the U.S. Congress to reduce sales of Japanese vehicles in the United States in order to help the ailing Big Three U.S. auto makers.
The price increases could raise the competitiveness of U.S.-made cars or give Detroit a chance to raise prices, boosting their balance sheets. The increases might allow Japanese auto makers to maintain revenue levels even if their total sales drop.
Toyota Motor Corp., the fourth-ranked auto seller in the United States, said seven economy-class cars will cost an average of 3.2%, or $432, more on March 13. Prices of four luxury Lexus models will rise an average of 5%, or $1,725.
Toyota’s Tercel, now $6,998, will be $200 more. The Lexus LS, now $42,200, will be $2,100 more.
Honda Motor Co. said it was raising the price of three economy-class models--Accord, Civic and Prelude--by an average of 1.7%, or $252, as of March 13. It said an average of 1.8%, or $415, will be added to three luxury models, Integra, Legend and Vigor.
Nissan Motor Co. said prices of its economy cars and light trucks will go up an average of 3%, and its Infiniti luxury cars will cost 4.2% more. Nissan’s increases take effect Sunday.
Toyota spokesman Nobuya Eto attributed the increases largely to the yen’s appreciation against the dollar since last year, which pushed up production costs. “We cannot say no political concerns affected the decision, but the reason was mainly because of currency exchange rates,†Eto said.
