Mercedes-Benz to raise prices in India on weak rupee
Daimler AG's Mercedes-Benz today joined its German rivals Audi and BMW in raising prices of its luxury cars in India as a depreciating rupee and rising inputs costs pressured margins.india Updated: Aug 29, 2013 16:42 IST
Daimler AG's Mercedes-Benz on Thursday joined its German rivals Audi and BMW in raising prices of its luxury cars in India as a depreciating rupee and rising inputs costs pressured margins.
Mercedes-Benz said it would raise prices by between 2.5% and 4.5% from September 1 across its range of vehicles in India.
"Exchange rate effects, higher import duties and rising input costs coupled with a host of other unfavorable factors like higher interest rates has been impacting the bottomlines," the company said in a statement.
The rupee has fallen 19 % year-to-date, driving up cost of imports, and forcing some carmakers to raise prices even as consumer spending shrinks.
First Published: Aug 29, 2013 15:32 IST