German luxury car maker BMW on Tuesday said it will increase prices of its vehicles in India by up to 10 per cent from January 2014 as part of its sustainable and profitable growth strategy.
The price increase from 7 to 10 per cent will be across the BMW and Mini product range effective January 1, 2014, the company said in a statement.
"At BMW Group, we believe that both profitability and growth are essential for a win-win situation at the end. We are making price decisions with all due care and consideration ensuring that they pay off in the long run," BMW Group India President Philipp von Sahr said.
In August this year, the company had increased the prices of its vehicles by up to 5 per cent citing higher import costs due to declining rupee.
At present, BMW sells a range of vehicles in India, including compact luxury car 1 series, sedans 3, 5, 6 and 7 Series, along with SUVs X1, X3, X5 and sports car M Series, which are priced between Rs 20.9 lakh and Rs 1.78 crore.
BMW Group's luxury compact car, the Mini series is currently available between Rs 23.7 lakh and Rs 33.2 lakh (ex-showroom).