The price hikes across the sector may serve to incentivise customers to reserve the vehicles before the year ends
Prominent carmakers like Kia, Maruti Suzuki, Jeep India and Tata Motors have announced a price hike across their model range from January 2023. Almost all of these companies have cited an increase in commodity prices as the major reason behind the hike. Whether it is India’s largest carmaker Maruti Suzuki or luxury carmaker Mercedes-Benz, it seems that constant increase in input costs and overall inflation has hit the automotive industry hard.
Reportedly, Maruti’s decision to go ahead with the price hike has also been influenced by recent regulatory requirements. Meanwhile, Mercedes-Benz has stated that constant increase in input costs and logistics costs have been pushing up the overall operational costs of the company. The price hikes across the sector may serve to incentivise customers to reserve the vehicles before the year ends.
Let us take a look at some other carmakers which will go ahead with a price hike of their vehicles in 2023.
Hyundai
The South Korean auto giant has joined other carmakers in announcing price hikes from January 2023. Hyundai has not revealed the quantum of the price hike which will be applicable to its vehicles.The company has promised to make efforts to minimise the impact on the customers. Cars like Creta, Venue and Verna are set to become more expensive in the new year.
Honda
Reports suggest that Honda is planning to increase the price of its vehicles by up to Rs 30,000. The Japanese carmaker has an impressive portfolio of cars which includes City, Amaze and WR-V.
Jeep India
The American carmaker will increase prices across its model range with effect from January 2023. Jeep India’s price hike will be around 2-4 per cent, depending on the model and variant. Jeep has a majestic line-up of SUVs which includes Compass, Meridian, Wrangler and its flagship Grand Cherokee SUVs.
Kia India
Kia will carry out a price hike for its vehicles by up to Rs 50,000 from January 2023. The South Korean carmaker has become one of the most beloved companies in India due to the success of Kia Seltos.
