With depreciating rupee affecting margins of companies importing goods from foreign markets in India, the car makers in the Indian market are likely to hike the prices of their car model in the country. The leading car makers including Toyota Motors, General Motors, Honda, Maruti and Audi have said that they are mulling a price hike in the coming month as the cost of components and parts imported from foreign markets has increased considerably.
Japanese car maker Toyota currently imports about 50 percent of components of its models like multi utility vehicle Innova and sports utility vehicle Fortuner. In a recent statement, Mr. Sandeep Singh, managing director at Toyota Kirloskar Motors, said, "The rupee depreciation is adding to the cost and we will be going in for a revision from January next year." He added that the hike could be of a similar range or even more.
On the other hand, US based car maker GM currently imports engines for its best selling models like Chevrolet Spark, Aveo U-Va and Optra Magnum. Moreover, the company also imports certain parts for these products.
Moreover, the luxury car maker Audi has said that it may look to revise the prices of its India portfolio models due to depreciating rupee. In a statement, Audi India MD Michael Perschke said, "With the continuous devaluation of the rupee against the euro and the dollar, we cannot rule out the necessity of realigning our pricing."
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