Automakers in India are contemplating price hike on their various car models in India. There has been a gradual increase in the various commodity prices in the market which has led to rise in input costs. Rubber, aluminium and steel prices have constantly been on a rise since past few months.
Hyundai Motors India Limited will increase the price of its cars by at least 2 percent from January 2011. "We have been absorbing increase in input costs but now we have decided to pass it marginally to customers. From January onwards, there will be an increase in prices of vehicles by 1.5-2 per cent," said Hyundai Motor India Ltd Director Sales and Marketing Arvind Saxena.
General Motors also announced that its cars will become expensive from January 2011 by 2.5 percent. It sells various models like Chevrolet Beat, Spark, Aveo, Aveo UVA, Cruze, etc. in the Indian market.
Maruti has already announced a price hike recently and Toyota is also likely to follow the footsteps of various other car makers in India. "There are cost pressures from various commodities as well as yen fluctuation which is affecting us. We will take the final call in this regard (price hike) by December 20," said Toyota Kirloskar Motor Deputy Managing Director (Marketing) Sandeep Singh. It will take a final call on the quantum of price hike by the end of this month.
