Manufacturers who raised prices:
There have been reports that car manufacturers in India are likely to raise prices this year due to additional costs caused by a prolonged global shortage of semiconductors. Along with domestic automakers Maruti Suzuki and Tata Motors, luxury car companies such as Audi, Renault, MG Motor and Mercedes-Benz have announced hikes in the prices of their various car models to partially offset the impact of rising production costs.
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Accordingly, Jeep India has announced that it is going to increase the prices of all its Jeep SUV models by 2 to 4%. It has been reported that the price of Tata Motors ICE and EV model cars will see a price hike of up to two percent from the current price. Kia India has announced that the price of its automobiles will be increased up to Rs.50,000 and the new price hike will be effective from January.
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Luxury car maker Mercedes-Benz has slashed prices of its car models by up to 5%.
MG Motor Company has announced that it is going to raise the price of its SUV up to Rs.90,000. Similarly, Audi India has also announced that it has decided to increase car prices by up to 1.7% from January 2023. Although Maruti Suzuki has said that recent regulatory restrictions and ongoing price pressures are pushing prices higher, the extent of the price hike has not yet been announced.
Honda to raise prices:
Among these companies, Japanese automaker Honda has priced some of its car models at Rs. 30,000 has been announced. In a related statement, Honda said it will increase the prices of certain car models due to input costs of raw materials and development work to be done to meet stricter emission standards that will come into effect from April next year. It has also been explained that the price increase of up to Rs.30,000 varies according to the car model.
Main reasons for price hike:
It has become mandatory in India from April to have a self-diagnostic device in vehicles to monitor real-time driver emission levels. Fitting this device is said to be the main reason behind the increase in vehicle prices of various companies.
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