Car prices hike in 2023? | See list of manufacturers and likely price increase
Increase in car prices: Automobile manufacturers have warned of increased costs throughout 2022, including those caused by the shortage of semiconductors.
Multiple car manufacturers - from domestic giants Maruti Suzuki and Tata Motors to luxury brands like Audi and Mercedes-Benz - have announced plans to hike prices across their range of offerings starting next month hoping to partially offset the impact of rising costs.
Mercedes-Benz India blamed the steady increase in input and logistics costs; MD and CEO Martin Schwenk said the company had absorbed a majority of the increase but pressure had forced it to pass some of the costs on to customers.
"Reasons for the hike are to partially offset impact of constant increases in input costs... largely driven by pricier commodities, fluctuations in foreign exchange rates, inflation and also to regulatory obligations," Renault India said.
Automobile manufacturers have warned of increased costs throughout 2022, including those caused by the shortage of semiconductors.
Several have already effected one hike in prices; Maruti upped prices by 1.3 per cent in April and Tata raised prices by an average of 0.9 per cent in January and another 0.5 per cent in July.
Which car manufacturers are increasing prices?
Maruti will increase car prices starting next month with hikes varying depending on the car model and specifications offered.
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Honda will increase prices of its entire range by up to ₹30,000 from January 23. The Japanese car-maker is raising prices both to offset both rising input costs and to prep for compliance with stricter BS-VI emission norms.
Audi India will increase prices (also of its entire range) by up to 1.7 per cent.
Mercedes will hike prices by up to five per cent from January 1.
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Kia India said hikes will be up to ₹50,000, depending upon model and trim.
Renault will also increase prices from January but by an as yet unspecified amount.
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MG Motor India will up prices by two to three per cent depending on models and variants.
Hyundai India will also increase prices from next month but has not specified the amount.
READ | Hyundai to hike prices of its models including Creta, Verna from 2023
Tata Motors will increase prices of its commercial vehicles - also based on model and variant - by up to two per cent.
Other manufacturers have not yet announced an increase in prices, although Mahindra instituted a second hike of the year in April; the second hike was over 2.3 per cent.
With input from ANI, PTI