Honda Cars India to increase pricing of its entire domestic portfolio from January 2018 by around 2%
Honda Cars India becomes the latest car brand in India to announce price hike across its entire portfolio from 1st January, 2018. Previously, Skoda and Isuzu announced such move as part of their yearly price revision strategy. The Japanese auto market says it will increase pricing of its products here by around 2% due to the rise in input costs because of higher price of base metals.
This means, the Honda cars available in the country market will be pricier by up to Rs. 25,000 from January 2018. Currently, the auto major sells different models in different segments ranging from Brio hatchback to Accord hybrid sedan. Expect the Honda Accord hybrid to be slapped with the highest price hike from January next year.
Currently, Honda Brio comes priced from Rs. 4.66 lakh (ex-showroom, Delhi); while the Accord Hybrid is presently priced a5t Rs. 43.21 lakh (ex-showroom, Delhi). The announcement comes at a time, when Honda grabbed sixth position in the domestic market in terms of sales number in November 2017.
As we reported just a few days ago, Honda sold 12,012 units in November this year compared to 11,819 units sold in the same month last year. The Japanese car brand posted a whopping 47.2% YoY sales growth in last month. The company is expecting to see much better result in coming months and it doesn’t think increased pricing of the cars will affect sales in long term.
Honda has changed its strategy after learning it hard way that Indian customers are showing more interest towards premium products instead of basic cars meant for commuting in and around the cities. Under this new strategy, the brand is focusing on upmarket, stylish cars with more advanced technologies and features.
Following the new strategy, the company introduced WR-V in India and this has become a great success for the brand. Also, Honda is now gearing up to bring the tenth generation Civic sedan here and premium crossover HR-V (Vezel) too is expected to launch here by 2020.