German luxury car maker Mercedes Benz on Friday said it will 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.
Mercedes Benz sells a range of luxury cars and sports utility vehicles in India, including compact cars A Class and B class, sedans C Class, E Class and S Class and sports car SLS AMG, priced between Rs 22 lakh and Rs 3 crore (Rs 30 million).
Commenting on the planned price hike, Mercedes Benz India Managing Director & CEO Eberhard Kern said: "As market dynamics continue to evolve, we are committed to offer the best luxury experience and delight our valued customers."
Earlier this week, Honda Cars India Ltd (HCIL) said it also planned to hike prices of its entire product range from the first week of January to partially offset impact of adverse exchange rate and inflation.