A hike in the prices of automobiles has been on the charts for a long time—rising steel prices in 2020 made it a nigh certainty that 2021 would see higher car costs, even as the auto sector tries desperately to revive demand after a difficult few years was followed by an even more difficult pandemic sales season.
Now, India’s leading automaker by market volume has announced that it will hike the price of select models by up to Rs 22,500, or on average by 1.6 per cent, with immediate effect, in order to offset the impact of rising input cost.
Which models would see their price go up was not detailed.
"This is to inform you that the company is increasing the price for select models owing to increase in various input costs. The weighted average price increase in Ex Showroom Prices (Delhi) across models is 1.6 percent. The new prices are effective from today i.e. 16th April, 2021," the company said in a regulatory filing.
In January, the company hiked the prices of select models by up to Rs 34,000, also citing higher input costs as a reason.
The new hike could affect all car models except the Celerio and Swift, according to a Times of India report. The Swift was the best-selling car model in India in 2020, shipping over 1.6 lakh units.