Recently, an increase in prices has become a piece of common news in the automotive sector. Every other car/bike manufacturer is increasing their prices due to the pandemic and also due to an increase in the input cost. Honda India will also join the likes of other car manufacturers. Japanese carmaker intends to increase the prices of their whole line up.
According to a new report, Honda India is all set to increase the prices of its entire line. This price increase will occur from August 2021.
This is all because of the increase in input costs, and all the companies are facing the same issue. Because of the price increase, Honda India is planning to balance the increase in the production materials such as steel, aluminum. The company has not stated the exact amount of the increase but it will likely vary among various models. All the price hikes will not be similar. This is the third time the Japanese carmaker is increasing its price and all because of the increase in input costs. The first price hike took place in January 2021 and the other in April. This was applicable for all the cars in its portfolio including the Honda City (5th generation), Honda City (4th generation), Honda WR-V, Honda Jazz, Honda Amaze.
Rajesh Goel, Senior VP, and Director, Marketing and Sales, Honda Cars India Limited, said, “The prices for raw materials like steel, aluminium and precious metals have increased sharply and many of them are at an all-time high, impacting our input costs significantly. Our endeavour to keep the cost of acquisition lower, so we are currently deliberating on how much of the additional cost we can absorb and how much will be inevitable to be passed on to our customers. The revised prices will be implemented from next month.”