New Delhi: Buying a new car will be more expensive after the New Year as major auto-makers like Maruti Suzuki and Hyundai Motor India on December 6 declaring their intent to effect a price hike across product lines from January due to input cost pressure.
The two companies’ move comes a day after another leading manufacturer, Gene-ral Motors India, said it would hike prices by up to 2.5 percent from January.
“We have been absorbing increase in input costs, but now we have decided to pass it marginally to customers. From January onwards, there will be an increase in prices of vehicles by 1.5-2 percent,” Hyundai Motor India Ltd. spokeperson said.
Similarly, the country’s largest car-maker, Maruti Suzuki India, said it will also hike vehicle prices soon to offset rising input costs and the impact of the strengthening yen.
Other major players Tata Motors and Mahindra & Mahindra did not comment when asked whether they had plans for similar price hikes due to the rise in input costs.
It should be noted that there has been a trend in recent years for auto companies to announce a pending price hike just before the New Year to push sales.