INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Call them customary price hike announcements towards the year-end, but car companies such as Maruti, Tata Motors, Audi and
Mercedes-Benz have said that retail prices will go up from January next year as higher input costs force them to make upward revisions
Others are likely to follow suit.The hikes, which are likely to be in the range of 2-3% as per initial estimates and even more for some of
the best-sellers, will vary across models, ranging from a few thousand rupees to much more for the premium ones.Maruti said the company has
been trying to absorb higher input costs, but is now being forced to pass on some of the hike to the market due to increased pressure."The
company has planned to increase the prices of its cars in January 2024 on account of increased cost pressure, driven by overall inflation
and increased commodity prices
While the company makes maximum efforts to reduce cost and offset the increase, it may have to pass on some increase to the market
This price increase shall vary across models," the company said.Tata Motors also said prices will go up, including on electrics
"We are considering a price hike across our passenger and electric vehicles in January
The extent of the hike and exact details will be announced in a few weeks," a company spokesperson said.Audi, the German luxury maker, said
prices will go up from 2% across its model range due to rising input and operational costs
input and operational costs, we have effected a price correction across our model range
The price correction aims to ensure sustainable growth for Audi India and our dealer partners, and we will ensure that the price hike's
impact is as minimal as possible for customers," Audi India head Balbir Singh Dhillon said.While inflationary and cost pressures have been
there across industries, price hike announcements towards the year-end are also a regular feature in the car industry as companies try and
lure buyers into showrooms to clear old inventory before the beginning of the new year
A talk about price hikes always helps attract customers, and this helps companies clear the stocks out early.
