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Toyota Motor Corp (NYSE:TM) is set to raise prices on several of its vehicles sold in the United States beginning in July, according to a Bloomberg News report published Friday.
The Japanese automaker will increase the prices of select Toyota and Lexus models, with average hikes of $270 and $208, respectively. The report cites company spokesperson Nobu Sunaga but does not detail which specific models will be affected. The price adjustment reflects broader industry trends as manufacturers respond to rising production costs, inflation, and supply chain pressures.
Toyota's decision comes at a time when consumers are already facing elevated auto loan rates and high dealership markups. The price increase could influence car buyers' decisions as affordability becomes a growing concern in the U.S. vehicle market.
Toyota remains one of the leading global automakers, with strong sales performance in North America. Despite economic headwinds, demand for Toyota and Lexus vehicles remains robust, particularly for SUVs, hybrids, and electric models. The company has also been accelerating its transition toward electric mobility, aiming to stay competitive in the evolving automotive landscape.
As of now, Toyota has not officially confirmed the price changes on its U.S. website, and Reuters was unable to independently verify the Bloomberg report.
The move to raise prices follows similar actions by other automakers this year, highlighting the challenges the auto industry continues to face in balancing profitability with consumer expectations.
