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Luxury carmaker Mercedes-Benz India on Wednesday announced an upward revision of the price of its select model range effective from the first week of August 2019. Factors like an increase in custom duty on automotive parts compounded by additional cess and excise duty on fuel have led to rise in input cost, which is exerting significant pressure on operations, the company said.
The price correction would be up to the range of a moderate 3 per cent, varying across the model range, the company said in a release.
“As the leading luxury automobile maker in India, we have been relentlessly working on offering the best of products and industry benchmark customer service and ownership experience. However, a hike in custom duty on automotive parts, compounded by an increase in excise duty and cess on fuel have had a significant impact on our bottom line. We were left with fewer options, but to make some necessary price adjustments to our product range at the moment to offset the impact of the rising input costs,” said Martin Schwenk, Managing Director & CEO, Mercedes-Benz India.
Shwenk said that despite the “moderate price revision”, the company’s tailor-made financial offerings from Mercedes-Benz like the recently launched STAR Agility+, STAR Finance, STAR Lease, Corporate STAR Lease etc. are designed to provide a benchmark value proposition.
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