Auto manufacturers will hike the prices of cars from January, 2015 and already Hyundai Motors has announced the hike. The manufacturers cited rising input cost, expensive imports due to rupee depreciation and high cost of sales reasons behind the hike and it would be their first hike in 14 months. Maruthi Suzuki, Honda Motors and Toyota are likely announce price increase in January month.
Despite the sales of cars being sluggish, car manufacturers are in no mood to bare the losses. Korean manufacturer Hyundai on Monday has announced price rise across all models from Rs 5,000 to Rs 25,000. Cut down of excise duty by the previous and successive governments, was the only relief to the manufacturer, but this benefit will end in December and not sure whether the NDA government would extend till the new budget is announced. The car manufacturers are demanding an extension of excise duty but so far there hasn't been any sign from the government.
Mahindra & Mahindra, Volks Wagen, Nissan, Renault, Tata Motors and few other companies are also considering to increase the prices. So better buy a car by this December end.
- TVR
