Car Price Hiking is general in the beginning of every new year and this year is no way apart. Many leading car manufacturers like Kia, Maruti, Hyundai, Mahindra, Honda, Renault, MG and BMW have announced price hikes for their models, starting from January 2021. Now we can’t answer if this question comes into your mind that why this hike? Many Car companies hike prices owing to exchange rate fluctuations and rising material costs, where as others adopt this strategy to increase sale in the end of the current financial year. So now, let’s take a look on the list of car manufacturers that plan to hike price from the beginning of next year.
Now starting with Kia Motors, the company has intimated its dealers that it will be making an upward price correction on its Seltos and Sonet SUV Models from January 1. However, the company has not informed anything about the exact extent of price increase. At this moment, Kia Seltos is priced from Rs 9.89 lakh to Rs 17.34 lakh, while the Sonet ranges from Rs 6.71 lakh to Rs 12.89 lakh (ex-showroom, Delhi).
Also Read: No Vehicles Will Be Registered Or Insured Without FASTags From January 1
Hyundai India has also announced price hike for all its Models owing to rise in Input and Material cost. Though nothing has been mentioned in particular about the price, but you might expect a variation based on the models and price.
Same is the cause of price hike with the country’s largest car manufacturer Maruti as is with Hyundai. It’s due to the rising Material costs. Almost all models of the company will see a price hike and this year’s hike might be more substantial in comparison to 2020 due to the ongoing circumstances because of COVID 19 this year.
Mahindra and MG
While Mahindra is going to price hike for both its passenger and commercial vehicle portfolios, MG will be doing so for all its models. Though Mahindra has not told anything about the rising costs, MG might hike price up to 3 percent from 1 January.
Besides all other leading Car Manufacturers like Honda, BMW, Volkswagen, Nissan, Datsun and Ford are also hiking prices for their existing and upcoming car models. Renault has announced for price hike up to Rs.28,000 in the new calendar year whereas Ford will hike price between Rs.5000 to Rs.35,000 for its car and SUV models. Similarly Nissan is planning to hike prices up to 5 percent and Volkswagen up to 2.5 percent from the following year. Almost all car manufacturers mention rising input costs the prime reason behind the price hike.