Toyota today joined the bandwagon of auto makers to raise prices of thier models in January 2009. While manufacturers are offering plenty of discounts this month, Honda and GM has already said they would raise the prices next month. Toyota plans to raise the prices of Innova and Corolla altis by 3%. Innova which retails at Rs 12 lakh – Rs14 lakh will witness a price hike by Rs20,000 to Rs30,000. Though the corolla altis fails to meet the Toyota’s sales target of 2000 units every month. The Deputy Managing Director of Toyota India Mr Sandeep Singh, told that the price increase was imperative as import costs had gone up following the rapid weakening of the rupee against the dollar. Both models have an appreciable import content of over 40 per cent. “We had factored in costs and selling prices at a conversion of Rs 42 to a dollar. Today, the scenario has changed completely and we just cannot afford imports at Rs 50 (to a dollar),” he added.