Carmakers across different segments and price points are planning to hike the prices of their models from January 2023 in India
The Indian automotive industry is in a recovery phase as it seeks to get back to the volume numbers endured before the health crisis wreaked havoc. The sales volumes are steadily growing over the last year or so but the logistical hurdles, economic situations, and rising input and commodity costs have led to automakers increasing the prices of their passenger cars.
It is customary to see price hikes at the beginning of a calendar year and 2023 will be no different. Car manufacturers across different segments will hike prices as the mainstream brands such as Maruti Suzuki, Hyundai, Tata, Mahindra, Honda, Kia, Renault, Volkswagen, MG, etc have already announced price hikes in their respective portfolios.
Luxury brands including Audi and Mercedes-Benz are also increasing prices. Maruti Suzuki has said that besides the increase in input and commodity prices, the government’s regulatory requirements also play a part in becoming its vehicles costlier. The price hike will vary for different models. Hyundai will also make their cars costlier.
From January 2023, Kia Motor India will increase the prices of its domestic range by up to Rs. 50,000 and it will be applicable to all reservations made after December 31, 2022. Tata Motors, which is also due a price hike across its lineup, cites the updates involved in meeting the upcoming RDE regulations have played a big role.
Renault India will increase the prices of the Kwid, Triber and Kiger while Citroen will up the prices of the C3 compact hatchback and C5 Aircross premium SUV by 1.5-2 per cent. FCA’s Jeep will increase the prices by 2 to 4 per cent and MG has revealed that it will hike prices by Rs. 90,000 across the range.
Honda will hike the prices of its models such as Jazz, WR-V, City and Amaze by Rs. 30,000 each as well. Audi is planning a hike of up to 1.7 per cent across its product portfolio while Mercedes-Benz will increase prices by a massive 5 per cent. The CY 2023 will see plenty of action in terms of new launches as well.