New car buyers may have to spend more this festival season. Hyundai Motor India (HMIL) on Thursday said it will increase prices across all its models, starting from Eon to Santa Fe, by Rs 4,000-20,000 from October 1. However, there will be no change in the price of the recently launched Grand i10.
While General Motor (GM) India also said it will increase prices by Rs 2,000-10,000 from the same day, other companies are evaluating the possibilities of a price increase.
“The rupee depreciation and inflationary trends have impacted our input costs. We have been absorbing most of the costs but now we are compelled to consider the price increase,” Rakesh Srivastava, Senior Vice-President, Sales and Marketing, HMIL, said in a statement.
For General Motors, the hike will be on account of increase in input costs, increase in logistics cost due to fuel price hike and rupee depreciation, said P. Balendran, Vice-President, at GM India.
“The maximum price hike of 1.5 per cent will be applicable on the Chevrolet Enjoy, while for other vehicles the hike will range between 0.5 per cent and 1.5 per cent,” he said.
The country’s largest car maker Maruti Suzuki India said while it is evaluating the impact of the increasing costs, it would like its customers to have a good festival time.
“On price increase, we continue to evaluate options of how much and when,” a company spokesperson told Business Line .
Honda Cars India said that it does not have any plans to hike prices now.
According to PTI, a Tata Motor spokesperson said the company plans to hike prices in the range of 1-1.5 per cent across its passenger cars and commercial vehicles. This is due to rise in input costs, and after having neutralised to the extent possible through internal efficiencies, she added without disclosing details.
On Tuesday, Toyota Kirloskar Motor had announced a hike in prices of its key models by up to Rs 24,000 with effect from September 21.