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Auto majors to hike car prices

Auto majors to hike car prices by 2-3 per cent

Apnaloan.com Research Bureau

17 Apr 2008

Car prices are likely to increase by 2-3 per cent in the next few days amidst rising input costs. Premium cars will cost Rs 14,000-16,000 more and entry-level cars will be dearer by Rs 4,000-6,000.

Maruti Suzuki India (MSI), which sells more than 50 per cent of the total cars in India, is analysing the quantum of hike to neutralise the impact of high commodity prices like steel, aluminium, nickle, plastic and rubber.

The other player contemplating a similar hike is Honda. As reported by Economic Times, Company vice-president (sales and marketing) Jnaneshwar Sen said, "We are looking at increasing prices, but are still undecided on the exact hike. We are studying the commodity prices as well as the currency rate fluctuations in the international market (for imports from Japan and Thailand) before announcing any price revision on our cars."

The utility vehicle makers are also following the car companies and evaluating to increase prices to neutralise rising input costs. As reported by Economic Times, according to Mahindra and Mahindra (M&M) president (automotive sector) Pawan Goenka, there is a massive pressure due to surging commodity prices and we have no option but to increase prices.

Other major players like Tata Motors and Hyundai Motor India are yet to take a call on price revision.