Cars will become costlier from January with major manufacturers such as Maruti Suzuki and Hyundai stating that they will hike prices from next month.
“Maruti Suzuki will increase prices from January, 2014, as input costs have been going up, and we cannot continue to absorb all of it. We will pass on some part of it to the customers,” Maruti Suzuki India COO (Marketing and Sales) Mayank Pareek told PTI.
Hyundai Motor India also said it is looking to take a similar step from next month to offset rising input costs.
“We will be increasing the prices from January due to the rising input costs and current market conditions,” HMIL Senior Vice-President and Division head (Marketing and Sales) Rakesh Srivastava said. The price hike would be across the entire product portfolio, he added.
Earlier in the day, German luxury car maker Mercedes Benz also announced that it would hike prices of its products across models by up to 10 per cent in India from next month.
While the company did not specify the reason for the price increase, its rivals BMW and Audi have already said they would hike prices from January onwards owing to pressure on their business due to economic factors. — PTI