Toyota to crank up home market hybrid prices

Apparently automotive pricing in Japan is not quite as flexible as it is here in the U.S. Unlike the U.S. market, where it's not uncommon for manufacturers to adjust prices several times in a single model year, carmakers in Japan generally don't adjust prices until a model change. Toyota hasn't made a mid-cycle price adjustment in thirty years. However, the pressure of rising raw material prices has pushed Toyota too far so the company is raising prices on the Prius and Harrier (called the Highlander Lexus RX400h in the U.S.) hybrid. The hybrids get a three percent jump while several commercial vehicles go up by two percent. Nissan and other companies have been holding off until the market leader made a move but they are now likely to announce price hikes as well.

[Source: Detroit News]