Auto major Honda Cars India Friday said it will increase prices of its entire model range from next month in order to partially offset the impact of rising input costs.
The company, which sells a range of models in the country, including sedans Amaze and City, is currently working on the quantum of the price increase.
“Our input costs are up by 4 per cent already due to rise in input costs. In order to offset the impact we are looking to increase vehicle prices from January. We are currently in the process of working out the exact quantum of the hike,” Honda Cars India Ltd (HCIL) Senior VP and Director (Sales and Marketing) Rajesh Goel told PTI.
HCIL, currently, sells models ranging from hatchback Brio with price starting at Rs 4.73 lakh to Accord Hybrid priced at Rs 43.21 lakh (ex-showroom Delhi).
On Thursday, Tata Motors, Ford India and Nissan India announced plans to hike prices of their passenger vehicles from next month. Nissan India said it will increase prices by up to 4 per cent across its models, while Ford India said will increase prices of its models by up to 2.5 per cent from next month. Tata Motors said it will hike prices of its passenger vehicles across models by up to Rs 40,000 from January.
Others like Maruti Suzuki India, Toyota Kirloskar, BMW, Renault and Isuzu have already announced price hike from next month citing impact of increase in commodity prices and foreign exchange rates. Market leader Maruti Suzuki, however, did not specify by how much the prices of its vehicles would increase.