With less than a month for 2023 to conclude, several car brands have announced that their vehicles will be costlier from January.
In November, India's largest carmaker Maruti said its Arena and Nexa models will see a price hike next year. The companies said the increase in price is necessisited by inflation and higher commodity prices that resulted in higher input costs. Recently, the steel prices soared and this has impacted the cost structure.
Tata Motors has confirmed that its passenger vehicles, including electric ones, as well as commercial vehicles will be expensive in 2024. Tata previously raised prices of passenger vehicles in April this year at 0.8 per cent while in 2022 it increased the prices twice in January at 1.1 per cent and in April at 1.3 per cent. On Sunday, Tata Motors said the prices of commercial vehicles will be raised by up to 3 per cent from January 1. The company said the move is aimed at offsetting the residual impact of the past input costs.
Hyundai Motor India Ltd has also announced that prices of its vehicles will rise in Janaury 2024. The reasons cited include high input costs, rising commodity prices and adverse exhcange rates. Its models like Grand i10 Nios and electric SUV Ioniq 5 are expected to be affected by the price hike.
Mahindra & Mahindra has confirmed that its vehicle lineup will be costlier from January. The major reason cited by the company is higher input costs.
Honda Cars India is set to raise prices of its vehicles next month in a bid to partially offset high input costs, Kunal Behl, the company's Vice President (Marketing and Sales) told PTI. These are expected to include its City and Amaze offerings as well as new Elevate model which was launched at an introductory price.
Luxury car brands like Audi India also said it will increase the price of its models by up to 2 per cent at the beginning of 2024. Mercedes Benz also hinted at a similar price hike.