Renault Kwid
Renault KwidIBTimes India/ Ken Sunny

Many of Indian's favourite car models will becomes costlier in the new year as the auto majors in the country are set to increase the prices of their models beginning January, owing to the rising cost of inputs.

The latest company to join the price rise bandwagon is the French auto maker Renault. The prices of Renault cars in India will go up by up to 3% from 1 January. Renault's latest small car offering Kwid will also get pricier in the country from January.

In India, the Renault portfolio includes Kwid, Lodgy, Pulse, Scala, Duster, Fluence and Koleos.

"Renault India range of cars will be subject to a price increase of up to 3% from January, 2016," Renault India said in a statement.

Last week, car makers like Maruti Suzuki also hiked the prices of their models by up to Rs 20,000. While General Motors announced an increase in the range of up to 2% from January, auto makers like BMW and Hyundai increased their vehicle prices by up to 3% and Rs 30,000 respectively.

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Nissan India also announced a price hike in the country starting from January. In coming days, other auto majors are also expected to make their announcements regarding the same.