Amritsar, NFA Post: Major car manufacturers have announced to increase prices of their cars from January 2021 owing to exchange-fluctuations, and rising input and material costs.
India’s largest car manufacturer, Maruti Suzuki, is expected to increase prices across all its product range. The company hasn’t released the exact increase in prices, but it is likely that the hike will be significant in light of the pandemic situation.
A rise in price from January could aid the auto brands in improving their sales this month.
Mahindra & Mahindra has announced a hike across its passenger and commercial vehicles. The company has announced to increase the prices of its SUVs, including Scorpio, XUV500, and the XUV300.
The company has also announced to hike prices of its tractors across models from January 1.
“Details of the price increase across different models will be communicated in due course,” Mahindra said in an exchange filing.
Hyundai has said it will increase prices of its cars across models from January. The company, however, hasn’t revealed the exact hike.
Kia Motors has announced that its Seltos and Sonet models will become expensive from January. The company currently sells three utility vehicles in India — the Seltos, The Sonet, and the Carnival.
Renault will be increasing prices of its cars by up to 28,000 rupees from January 1. The company has attributed this revision in prices to rise in input costs for materials such as steel, aluminium, and plastics.
MG India has also announced to increase prices of its cars by up to 3% from January 1.
The company is also about to launch the Hector facelift and the 7-seater version of the Hector Plus in January.
All cars of German automotive company BMW and Mini brand will also become expensive by up to 2% from January 4. The company said that this rise in price is due to rising input costs and to ensure dealer profitability and sustainable growth.
Rival Audi has already announced a price hike of up to 2% across its entire model range, effective from January 1.
Isuzu Motors India is the latest car manufacturer to announce a price hike for its offering in India. The company has said that it will be hiking the prices of its pick-up range — D-MAX Regular Cab, and D-MAX S-CAB — from January 1.
The hike by the company is likely to be somewhere around 10,000 rupees, according to a statement.
“The increase in price is due to the increasing input and distribution costs,” Isuzu Motors said.
Isuzu Motors India currently sells D-MAX Regular Cab in India with prices starting from 8.64 lakh rupees and D-MAX S-CAB with starting price of 10.62 lakh rupees (ex-showroom Mumbai).
Apart from car manufacturers, two-wheeler major Hero MotoCorp has also said that it will increase the price of its vehicles by up to 1,500 rupees from January 1 to offset the impact of increasing input costs.