With sales declining and a slew of unfavourable cost related issues such as higher input costs and adverse currency movement, prices of passenger vehicles are set to increase from the new year.
In a filing to the exchanges, leading car-manufacturer Maruti has announced, "It has become imperative for the company to pass on some impact of the additional cost to customers through a price increase across various models in January 2019." The company further said, it is working on the price quantum change it shall bring about and that shall vary across different models of the car manufacturer.
In line, several other companies such as the local set-up of Japan's Toyota, Toyota Kirloskar is looking to increase price by as much as 4% beginning new year. BMW, luxury car maker, will also bring about price hike by 4% from January 1.
Also, Ford India is mulling increase in price by a similar percentage of between 1-3%.
Hyundai Motor on the other hand declined on any such step in the coming days while other players such as Honda and Tata Motors are said to review the situation currently.
Also, Mahindra & Mahindra is likely to hike the price of its new launch Marazzo MPV by as much as Rs. 30,000- Rs. 40,000 from the new year.