Joining the recent list of car manufacturers who have increased prices of their vehicles are Tata Motors and Mahindra & Mahindra. Tata Motors has increased prices of its Indica and Indigo variants by around Rs.5000-8000. While M&M has increased the prices of its Xylo variants by around Rs.4,500, Scorpio variants by around Rs.6000-9,000, and Bolero variants by around Rs.5,000.
According to Arun Malhotra, Senior Vice President of Automotive Sector, Mahindra and Mahindra, the Primary reason for price hike across all vehicles is the rise in prices of the inputs required to make them.
BMW and Honda Siel Cars India have recently increased prices of their cars with Maruti Suzuki following suit. The main reason for the above manufacturers in increasing prices was also the rise in input costs along with the appreciation of foreign currency Yen. Hyundai is also expected to announce a price hike shortly.
According to Jnaneshwar Sen, Vice President Marketing, Honda Siel Cars India, the value of Yen has appreciated in the last few months along with the import content in their cars ranging from 24% in the City to 100% in the CRV which has increased the costs of manufacturing.