Car makers in India are feeling the heat of cost of production as they are increasing the prices of their products in the country. Earlier this month, Hyundai Motors India had announced a price hike beginning from the month of January 2015. Now, it’s French car maker Renault that has announced a price hike of it products in the country. Renault India has announced a marginal increase in prices on its existing product range due to swelling input costs. The increase will be up to 2.5 percent and will be effective from 1st January 2015.
Citing rise in input cost, company has decided to increase the prices of its products. Rafael Treguer, Vice President, Sales and Marketing, Renault India said, “So far we have absorbed the rising input costs, but a sustained challenging market environment has compelled us to increase our prices. The industry is eagerly looking forward to pro-business policies to reignite the automobile industry in India.”
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