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TOKYO: Nissan Motor Co. on Friday become the latest automaker to announce price hikes for some of its vehicles in response to skyrocketing steel costs.
Japan's number three automaker said it will raise the price of several light commercial vehicles in Japan by an average of 2.2 per cent from October 1.
"The pricing action has been taken as a consequence of rising costs of raw materials, particularly the impact of rising steel costs," it said in a statement.
The move came just days after Toyota Motor said it would raise the prices of its popular Prius hybrid and some commercial vehicles.
It was the first time since 1974 that Toyota has raised the domestic prices of existing passenger vehicles, rather than waiting for the launch of new or upgraded models.
The price of iron ore, a vital material to make steel, has soared in recent years due to rising demand, particularly in fast-growing China and India, forcing steelmakers to pass on the increased costs to automakers.
Japanese steel giants Nippon Steel Corp. and JFE Steel Corp. said last month that they had agreed to almost double the price they pay to miners Rio Tinto Ltd. and BHP Billiton Ltd. for iron ore.
- AFP/yb
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