Toyota has announced plans to raise the prices of the Innova and newly launched Corolla Altis by 3% in January’ 09. The new Innova is also expected by the first month of the new year and it is likley to be priced at a modest Rs. 20,000 – 30,000 premium over the current model albeit with additional features. The Corolla Altis has been vicitim of rising input costs and even though it is not meeting its 2000 unit/month sales target, Toyota will increase prices by about 3% next month. Toyota had intentionally priced the Corolla Altis lower to compete more effectively with the Honda Civic. Both models also have an high-ish import content of over 40 per cent and the depreciating Rupee has necessitated the price hike.