French auto major Renault today said it will increase vehicle prices in India from next month to offset the impact of high input costs.
The company's wholly owned subsidiary Renault India sells five models in India, including the sports utility vehicle Duster and compact car Pulse.
"Due to unavoidable macro-economic factors such as increasing rates, input costs, Renault India will increase prices across its product range in January," Renault India Executive Director Sales and Marketing Sumit Sawhney said in a statement.
The company will provide details of the increases later and said that "this (price hike) will be as per industry standards."
Prices of Renault vehicles range from Rs. 4.48 lakh to Rs. 23.99 lakh (ex-showroom Delhi).
Yesterday, Japanese car major Nissan announced a price hike for its vehicles, including hatchback Micra and sports utility vehicle Terrano in India, by up to 4% from next month to offset the rupee's depreciation and escalating input costs.
Nissan sells a range of vehicles in India, including the mid-sized sedan Sunny, the Evalia and the X-Trail. These are priced from Rs. 4.9 lakh to Rs. 26.96 lakh (ex-showroom, Delhi).
Earlier this week, Tata Motors said prices of its passenger vehicles would be increased by about 1% from next month.
Last week, leading car-makers Maruti Suzuki India and Hyundai announced price hikes from January, joining Mercedes, BMW, Audi and Honda.
Honda Cars India Ltd said it would increase vehicle prices from the first week of January to partially offset the impact of an adverse exchange rate and inflation.