Rising commodity prices and transportation costs are major reasons for the upcoming price hike.
Kia, Maruti Suzuki, Tata, Mercedes-Benz and Audi have announced a price hike across their model range from January 2023. All carmakers have cited an increase in commodity prices as the major reason behind the hike.
- Kia will hike prices across its entire range by up to Rs 50,000
Maruti Suzuki, Tata will also hike the prices from January
Audi will hike prices by 1.7 percent across the entire line-up
Maruti Suzuki has confirmed that it will be increasing the prices of its entire model line-up, although the hike will vary depending on the model. Apart from the rise in commodity prices, Maruti Suzuki has said the price hike is also due to regulatory requirements from the government that have increased the cost pressure. Currently, Maruti Suzuki’s line-up includes the Alto, Alto K 10, Baleno, Brezza, Celerio, Ciaz, Dzire, Eeco, Ertiga, Grand Vitara, Ignis, S-Presso, Swift, Wagon R and XL6.
Kia will hike the price of its entire model line-up by up to Rs 50,000 from January 2023. The South Korean manufacturer has also stated increasing commodity and transportation costs as the reason for the hike, which will be applicable to all bookings made after December 31. Currently, it has the Carens, Carnival, EV6, Seltos and Sonet in its portfolio.
Along with the rise in commodity prices, Tata also states that updating its vehicles to meet the upcoming RDE norms will also lead to a hike in prices. The manufacturer currently sells the Altroz, Harrier, Nexon, Nexon EV, Punch, Safari, Tiago, Tiago EV, Tigor and Tigor EV.
The German carmaker will hike the prices of its entire line-up by up to 1.7 percent, and, as others, has cited increasing input and operational costs as the reason for the hike. Audi’s line-up currently includes the A4, A6, A8 L, Q3, Q5, Q7, Q8, S5 Sportback, RS 5 Sportback, RSQ8, e-tron, e-tron Sportback and e-tron GT.
Mercedes-Benz will also increase the prices of the products in its portfolio by 5 percent. It, like others, is also hiking prices to counter increasing input and logistics costs. Mercedes-Benz’s portfolio currently includes the A-Class, A-Class hatchback, C-Class, E-Class, S-Class, EQB, EQC, EQS, GLA, GLB, GLC, GLC Coupe, GLE, GLE Coupe, GLS, G-Class and the two Maybach models – GLS and S-Class.
The French manufacturer will hike the prices, owing to increasing input costs due to pricier commodities. Renault currently sells the Kwid, Kiger and Triber in India.