Toyota Raises Some U.S. Prices

September 3, 2002 Torrance, Calif. -- Bloomberg News is reporting that Toyota Motor Corp. raised U.S. prices on 2003 models of two small cars and two light trucks as much as 2 percent as the world's third-largest automaker tries to take advantage of added demand.

In the next five weeks, a base model Corolla CE rises 1.5 percent to $13,570, the lowest price for an Echo small car gains 1 percent to $10,105, Tacoma small pickup prices climb an average of 0.8 percent on all models. The 2003 Sequoia SR5 base price gains 1.2 percent to $31,625 and a Limited 4x2 model costs 2 percent more at $40,200.

The biggest automaker in Japan is having its best year in the U.S., with sales in the first seven months of 2002 rising 2.6 percent to 1.03 million. A redesigned Corolla that went on sale early this year helped increase sales.

U.S.-based rivals General Motors Corp., Ford Motor Co. and DaimlerChrysler AG's Chrysler, which offered customers more incentives and low-interest financing to increase sales, are raising prices on 2003 models. Prices climbed about 0.5 percent at Chrysler and 0.4 percent at Ford, while General Motors has said prices will have a "modest increase."

Toyota has held prices at 2002 levels for some high-selling models such as the Camry and Avalon sedans and Highlander and RAV4 sport-utilities, and raised prices on other vehicles.

Toyota's U.S. business is based in Torrance, California. The company's American depositary receipts, each representing two ordinary shares, rose 30 cents to $50.04 in New York Stock Exchange composite trading at 4:19 p.m. The shares have gained 4.3 percent this month.