Honda Siel Cars India Ltd, the local arm of Japan’s Honda Motor Co., hiked its car prices on Monday. The models have gone expensive by Rs. 30,000 to up to Rs. 3.5 lakh. the company had earlier announced that it shall hike its car prices to mitigate the impact of cheap rupee on import costs. The new prices of Honda City, Civic and CRV will be effective from April 1, 2009 while Accord will be expensive from March 16 onwards.
As per the revised prices Honda City 1.5 E MT will now cost, ex-showroom Delhi, Rs 30,000 more at Rs 781,000. The Accord 2.4MT will cost Rs 1 lakh more at Rs 17.72 lakh, the Civic 1.8 E MT Rs 50,100 more at Rs 10.5 lakh, and the CR-V 2.0MT Rs 23.44 lakh.
The company cited fluctuation in currency as the reason for hike. “These currency fluctuations have resulted in tremendous increase in cost of imports impacting the bottom lines, but so far, we have refrained from passing them on to the customer. But it is not possible to absorb the impact any more,” Jnaneswar Sen, vice president-marketing, Honda Siel, said in a statement.