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These 4 carmakers to hike prices soon
Mahindra & Mahindra, Honda Cars India and Tata Motors are looking to increase prices of their models from next month, mainly to offset higher input and operational costs.
"We are actively contemplating increasing the prices of our vehicles in April due to increase in input and operational costs," Mahindra & Mahindra Chief Executive (Automotive Division) Pravin Shah told PTI.
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These 4 carmakers to hike prices soon
Mahindra hasn't decided by how much prices will be raised.
"We have not yet taken a final decision on the quantum and timing but this a matter we are seriously considering right now. It will happen for sure in April," Shah said.
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These 4 carmakers to hike prices soon
Renault said the company is evaluating the option of price hike as input costs are going up.
"The forex situation hasn't stabilised and there is definitely pressure on us and we have to pass it on partially to consumers," Renault India Country CEO and Managing Director Sumit Sawhney said.
The rupee is still around 84-85 against the euro. In the past one year, forex swing is around 25 per cent but nobody has hiked prices by 25 per cent, he added.
"Parts like ECUs are imported and if the forex goes up, we end up paying more on import duties, so we have a double impact. If we don't increase the price, it takes away our bottomline completely," Sawhney said.
These 4 carmakers to hike prices soon
Tata Motors said it may increase prices of passenger vehicles by 1 to 2 per cent.
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These 4 carmakers to hike prices soon
Sources in Honda Cars India said the company is considering a hike in prices next month.
"The discussions are going on, there is a possibility," the source said.
Honda cars are priced between Rs 3.99 and Rs 24.36 lakh, while Mahindra passenger vehicles manufactured in the country retail between Rs 5.43 lakh and Rs 14.48 lakh (all prices ex-showroom Delhi).
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These 4 carmakers to hike prices soon
Last month, Mahindra had reduced prices of its passenger vehicles by between Rs 13,000 and Rs 49,000, after the reduction of excise duty.
Honda Cars India had also cut prices by as much as Rs 44,741.