Beginning from July 01, 2010, General Motors will hike prices of its cars by at least 2-3 percent. The price hike comes for the fourth time in past six months. Earlier car makers have hiked prices owing to rise in input costs, then for the duty drawback and thereafter owing to switching to higher emission norms.
Commodity prices have escalated considerably recently and the car makers had been mulling over probability of increasing the price for the fourth time. While Ford, Fiat and Toyota are still brooding over the matter, General Motors has made an official statement about it already. "We will be increasing prices across all eight models by 2-3 per cent from July first week to offset rising input costs," said General Motors India's Vice-President P Balendran.
Toyota will take a final call on the matter by the end of the month but with hikes in prices of steel and rubber going up nearly by 25 percent other auto makers are likely to follow the suit.
