After recent reports that Maruti Suzuki is once again hiking prices of its cars from January 2022, it appears that other automakers are following suit.
This time it is Tata Motors, Honda and Renault which are considering a price hike due to rising input costs.
Essential commodities such as steel, aluminum, copper, plastic and precious metals have had their prices hiked over the last one year.
Furthermore, transportation costs have also gone up, affecting the total cost structures of original equipment manufacturers (OEMs).
President – Passenger Vehicles Business, Shailesh Chandra, Tata Motors, explained that as input costs continue to rise, the company has no choice but to announce an “appropriate price hike to at least partially offset this increase in costs”.
Honda, Renault Mull Over The Matter
A spokesperson of Honda Cars India has issued a similar statement citring commodity prices’ increase due to which a price hike may be inevitable in the “near future”.
By how much it will increase costs is something that it is “still studying“.
Renault also shared that it is mulling over initiating a “substantial” price increase across its model range from January.
Maruti Suzuki Declares Price Hike
While the aforementioned companies have not yet officially declared any price hikes, Maruti Suzuki, Audi and Mercedes-Benz have already broken the news.
In Maruti Suzuki’s case, the price increase will vary for different models.
But there is no word yet regarding the quantum of the hike.
Mercedes, Audi Declare Price Hikes
Luxury automaker Mercedes-Benz said that a select few of its models will be costlier by up to 2 per cent due to feature enhancement and rising input costs.
Meanwhile, Audi will increase price up to 3 per cent across its entire model range, citing rising input and operational costs.
It is set to take effect from January 1, 2022.