Car prices hike in 2023? | See list of manufacturers and likely price increase - Hindustan Times
close_game
close_game

Car prices hike in 2023? | See list of manufacturers and likely price increase

Dec 16, 2022 08:18 PM IST

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.

In Q2 FY23, Maruti wholesale volumes rose nearly 11% sequentially to 517,395 units. (Photo: Mint)
In Q2 FY23, Maruti wholesale volumes rose nearly 11% sequentially to 517,395 units. (Photo: Mint)

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.

Unlock exclusive access to the story of India's general elections, only on the HT App. Download Now!

"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.

READ | Maruti Suzuki Dzire tops sales charts among sedans in Nov: Report

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.

READ | Mercedes-Benz drives in GLB, EQB models in India

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.

READ | Renault may launch this sub-compact SUV. Check likely details here

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

Discover the complete story of India's general elections on our exclusive Elections Product! Access all the content absolutely free on the HT App. Download now!
Stay informed on Business News, TCS Q4 Results Live along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
  • ABOUT THE AUTHOR
    author-default-90x90

    Follow the latest breaking news and developments from India and around the world with Hindustan Times' newsdesk. From politics and policies to the economy and the environment, from local issues to national events and global affairs, we've got you covered.

SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Tuesday, April 16, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On