The auto world has been flooded with news of car manufacturers increasing prices of vehicles this week. The latest manufacturer to join the bandwagon is General Motors India as it announced a 2% increase in prices of its locally-built Chevrolet vehicles. The increase in price would be effective from 1 January, 2016.
"General Motors India will increase prices of locally built Chevrolet vehicles by up to two percent with effect from January 2016 depending upon the various models and variants, in order to partially offset rising input costs and foreign exchange fluctuations," a company spokesperson said.
On Thursday, India's largest car manufacturer Maruti Suzuki announced an increase in prices of its models from 1 January by up to Rs 20,000. According to Maruti Suzuki, the price increase has been necessitated by a rise in input cost due to the weakening of rupee.
The second-largest car manufacturer in the country, Hyundai Motor India Limited, on Wednesday announced a price hike of up to Rs 30,000 across all its models from January.
"In these challenging market conditions, we are constrained to consider the price increase on account of factors like increase in cost of components, weak rupee, etc," Rakesh Srivastava, senior vice president for sales and marketing, Hyundai Motor India had said.
Toyota Kirloskar Motor (TKM), the Indian arm of Toyota Motor Corporation, announced a hike in price of its entire range of vehicles by 3% on Tuesday.
Earlier this month, Mercedes-Benz India announced it would hike prices of all its models in the country from January 2016 by 2%. Fellow German luxury brand BMW also announced an increase in the prices of its entire range of cars sold in India by 3%.
