Shanghai, July 11 (Gasgoo.com) Prices of Toyota's Lexus sedans will go up in the Chinese market after the country raises the consumption taxes on imported high-emission vehicles later this year, said xinhuanet.com today.
According to the Lexus 4S stores in some Chinese cities, all models of the Lexus brand will have their prices marked up more or less, with 513,000 yuan ($75,000) as the highest rise. Meanwhile, all the special offers on Lexus models in these 4S stores will be canceled starting August 1. The Lexup price hike list has reached all the 4S stores.
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The Lexus cars to be marked up are mainly the 3.5L-plus models. The 2008 Lexus ES 350, of the lowest rise rate, has its price marked up by 57,000 yuan to 529,000 yuan. The 2008 Lexus LS600hL, a hybrid model, has 513,000 yuan added to its current price of 1.598 million yuan. The prices of the Lexus IS-Series models have not risen this time.
The Lexus models will sell at new prices when the policy of new consumption taxes on imported cars is implemented later this year. The policy says the tax rate of vehicles with displacement of 3.0L to 4.0L will increase to 25% from 15%; the tax rate of 4.0L and above vehicles will rise to 40% from the current 20%.
Toyota may consider building a Lexus production line in China if the model's annual sales in the country reach 30,000 units. Sooner or later, Lexus will be locally made for the fast-growing Chinese market, and the second plant of Tianjin FAW Toyota is seen as the best facility for this mission.