Indian automobile manufacturers, including BMW, Renault, and other prominent players, are set to increase prices of their vehicles in the coming months. The move is a result of rising costs, higher input costs, and the depreciating rupee.
BMW, one of the luxury car manufacturers, has announced that it will hike its car prices by up to 3% in April. This will apply to most of its models, including the X1, X3, and X5, among others. The price increase is aimed at mitigating the impact of rising costs, including those related to steel, aluminum, and other raw materials.
Renault, another global player, has also announced that it will increase the prices of its cars, including the Kiger, Kwid, and Triber, by up to 2% from April. The company cited rising costs, particularly those related to steel and other raw materials, as the reason for the price hike.
Many other Indian car manufacturers, including Hyundai, Honda, Maruti Suzuki, Kia, and Tata, have also announced plans to increase their car prices in the coming months. The price hike is expected to be in the range of 1-3% for most models.
The price increase is seen as a temporary measure to help the companies offset the rising costs and maintain their profitability. This is not an unusual move in the automotive industry, and many manufacturers around the world have been implementing price hikes in recent months due to similar reasons.
For car buyers, the price increase means higher costs, but it also comes at a time when many manufacturers are offering new features and technologies, including advanced safety features and connectivity solutions. The increased prices are also expected to make certain models more exclusive, which may attract premium customers.
While the price increase may not be welcome news for car buyers, it is a necessary step for the industry to maintain its competitiveness and profitability. The move is also seen as a sign of the resilience of the automotive sector, which has been affected by various global and local factors, including the COVID-19 pandemic and high raw material costs.