Maruti Suzuki, Ford, Tata Motors, Toyota Kirloskar Motor, Honda, Skoda, Isuzu have also announced price hikes
Following in the footsteps of their peers, Mahindra and Mahindra (M&M), Volkswagen India and Fiat Chrysler Automobiles on Thursday announced that they will be increasing the prices of their vehicles from next year.
On Wednesday, country’s largest automaker Maruti Suzuki had said it will raise prices of its entire range by up to 2% from next month. Companies such as Tata Motors, Ford, Toyota Kirloskar Motor, Honda Cars India, Skoda and Isuzu have also announced their decision to hike prices from early next year.
Homegrown utility vehicle major M&M said it will increase prices of its passenger and commercial vehicles by up to 3% from January. “We have been holding back on price hikes and absorbing the higher input costs for a while, but with the increase in commodity prices we will have to take a price increase,” M&M president - automotive sector Rajan Wadhera said in a regulatory filing.
Likewise, Volkswagen India announced an upward revision of prices for its cars effective January which will increase prices by up to Rs 20,000. Steffen Knapp, director, Volkswagen Passenger Cars India, attributed the move to several external economic factors as well as fluctuations in the global commodity prices coupled with local input cost.
Similarly, FCA India said it will increase prices of high-end variants of its premium SUV Jeep Compass by up to Rs 80,000 from January. The company, however, would not hike the price of the entry-level variant of the model.
“Customers have appreciated the competitive price positioning of the Jeep Compass since launch. Effective January 1, 2018, prices will increase by 2-4 %, except for the entry-level variant,” FCA India president and managing director Kevin Flynn said in a statement.
However, the price of the entry-level variant of the model will be maintained at Rs 15.16 lakh, he added.
Launched in July, the model comes in three trims - Sport, Longitude and Limited. Price of Longitude variant starts at Rs 17.13 lakh, while Limited variant is tagged between Rs 18.68 lakh and Rs 21.73 lakh.
COSTS RISING
- Maruti Suzuki, Ford, Tata Motors, Toyota Kirloskar Motor, Honda, Skoda, Isuzu have also announced price hikes
- The manufacturers are increasing prices from January on account of rising input costs
(With inputs from PTI)
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