TITLE:
Car Price Hike: A shock for new car buyers.. the price hike of these cars from January
CATEGORY : NEWS
CONTENT :
Car price hike If you are buying a car then there is sad news coming your way your cars are set to become more expensive from January 2024 after maruti Suzuki Mahindra and Audi India announced a price hike of their passenger vehicles last week Hyundai Motors has also announced price hike of its Flagship models prices of Key Hyundai models like: creta, veneu Verna and exter will increase from January 2024 the hike comes months after the car maker increased prices of its models like Verna by almost 48,000 in August. These increases are set to take effect from January 2024 are expected to range between 2 to 3% this change will impact a wide range of models from budget friendly options to high end premium cars price are hike. Maruti Suzuki a key player in the Indian market most of the customer interested buy to suzuki vehicles because of cost effective with basic features and its has already raised its prices by 8% in April following a 2.5% hike in 2022. Shashank Srivastava a senior executive director at Maruti Suzuki highlighted the role of increasing steel prices which comprise a significant portion of their commodity buying in these decisions the company has been grappling with the volatility of commodity prices prompting them to implement internal cost-cutting measures before resorting to price hikes. recently Balbir Dhillon the head of Audi India echoed similar sentiments. He pointed out that rising supply chain and operational costs necessitated a price correction across their model range and this adjustment is seen as a strategic move to maintain the brand's premium positioning in the market. Also Tarun Garg COO at Hyundai Motors also mentioned the escalating costs of raw materials like: copper and plastic along with the need to soften the impact of Forex movement as contributing factors. This trend of price hikes is not new in the auto industry It often serves as a strategy to boost sales towards the end of the year as customers rush to purchase unsold inventory at current prices there by helping clear stocks. Interestingly the backdrop of these price increases is the booming EV (Electric Vehicle) market in India EV sales have been consistently rising up supported by state subsidies rebates on road taxes and a growing ecosystem that encourages EV adoption with the govt and consumers increasingly leaning towards environmentally friendly and cost effective transportation options the presence of EVs on Indian roads is expected to surge. Analysts predict the combination of price hikes for traditional fossil fuel vehicles and the growing appeal of EVs will create a more favorable environment for electric models because ev vehicles govt give subsidaries and tax benifits here its more advantages to the EV industry to booming up and they are seen as a more cost effective and sustainable alternative in the long run and shift could significantly influence consumer preferences and reshape the Indian automotive market. In conclusion car buyers in India are bracing for a wave of price increases from major automakers due to inflation and rising commodity prices while this may pose challenges in the short term it could accelerate the transition towards electric vehicles heralding a new era of sustainable and cost effective transportation in the country.
Car price hike
If you are buying a car then there is sad news coming your way your cars are set to become more expensive from January 2024 after maruti Suzuki Mahindra and Audi India announced a price hike of their passenger vehicles last week Hyundai Motors has also announced price hike of its Flagship models prices of Key Hyundai models like: creta, veneu Verna and exter will increase from January 2024 the hike comes months after the car maker increased prices of its models like Verna by almost 48,000 in August.
These increases are set to take effect from January 2024 are expected to range between 2 to 3% this change will impact a wide range of models from budget friendly options to high end premium cars price are hike.
Maruti Suzuki a key player in the Indian market most of the customer interested buy to suzuki vehicles because of cost effective with basic features and its has already raised its prices by 8% in April following a 2.5% hike in 2022. Shashank Srivastava a senior executive director at Maruti Suzuki highlighted the role of increasing steel prices which comprise a significant portion of their commodity buying in these decisions the company has been grappling with the volatility of commodity prices prompting them to implement internal cost-cutting measures before resorting to price hikes.
recently Balbir Dhillon the head of Audi India echoed similar sentiments. He pointed out that rising supply chain and operational costs necessitated a price correction across their model range and this adjustment is seen as a strategic move to maintain the brand’s premium positioning in the market.
Also Tarun Garg COO at Hyundai Motors also mentioned the escalating costs of raw materials like: copper and plastic along with the need to soften the impact of Forex movement as contributing factors.
This trend of price hikes is not new in the auto industry It often serves as a strategy to boost sales towards the end of the year as customers rush to purchase unsold inventory at current prices there by helping clear stocks.
Interestingly the backdrop of these price increases is the booming EV (Electric Vehicle) market in India EV sales have been consistently rising up supported by state subsidies rebates on road taxes and a growing ecosystem that encourages EV adoption with the govt and consumers increasingly leaning towards environmentally friendly and cost effective transportation options the presence of EVs on Indian roads is expected to surge.
Analysts predict the combination of price hikes for traditional fossil fuel vehicles and the growing appeal of EVs will create a more favorable environment for electric models because ev vehicles govt give subsidaries and tax benifits here its more advantages to the EV industry to booming up and they are seen as a more cost effective and sustainable alternative in the long run and shift could significantly influence consumer preferences and reshape the Indian automotive market.
In conclusion car buyers in India are bracing for a wave of price increases from major automakers due to inflation and rising commodity prices while this may pose challenges in the short term it could accelerate the transition towards electric vehicles heralding a new era of sustainable and cost effective transportation in the country.
