Car maker Renault India plans to hike prices of its entire range of vehicles by up to 2.5 per cent from next month to partially offset the impact of rising input costs.
The increase will be up to 2.5 per cent and will be effective from January 1, 2015, the company said in a statement.
"So far we have absorbed the rising input costs, but a sustained challenging market environment has compelled us to increase our prices," Renault India, Vice President, Sales and Marketing Rafael Treguer said.
He added that the auto industry is eagerly looking forward to pro-business policies to reignite the automobile industry in India.
Renault India, which is a fully-owned subsidiary of France's Renault SAS, sells five models - Pulse, Scala, Duster, Fluence and Koleos, priced between Rs. 4.46 lakh and Rs. 25.99 lakh (ex-showroom Delhi).
Last week Nissan India had announced that it would hike prices of its entire range, including Datsun vehicles, by up to Rs. 18,000 from next month.
Earlier this month, Maruti Suzuki India had announced to hike prices of its models in the range of 2-4 per cent from next month to partially offset the impact of rising input costs.
Rival Hyundai Motor India has also announced a price hike by up to Rs. 25,000 from next month across its models.
German luxury car maker BMW had said it will raise product prices in India by up to 5 per cent with effect from first week of January.
Besides, General Motors India, Tata Motors and Mahindra & Mahindra had also announced hike in prices from next month citing higher input costs.