Volkswagen India has announced plans to hike prices across its entire model lineup by approximately 2% starting from January 1, 2024. The rationale behind this price adjustment stems from the escalating expenses related to input materials, as confirmed by the company.
While Volkswagen endeavors to absorb a substantial portion of the augmented input costs, there will be a necessity to transfer some of this impact to consumers, as outlined in the company's recent media statement.
In a similar vein, Tata Motors hinted at a potential price uptick for its passenger and electric vehicles slated for January 2024. Presently, the company offers a spectrum of passenger vehicles, starting from the Tiago hatchback to the premium SUV Safari, spanning prices from INR 5.6 lakh to INR 25.94 lakh. Although specific details regarding the extent of the proposed increase remain undisclosed, a spokesperson from Tata Motors affirmed that an announcement detailing the hike's magnitude will be forthcoming in the next few weeks.
Meanwhile, Maruti Suzuki India has already declared its intent to impose a substantial price hike on select models starting in January 2024. The rationale behind this decision cites the prevailing inflationary pressures and the volatile nature of commodity prices.
Echoing these sentiments, MG Motor India has also confirmed an imminent price surge for all its models, set to take effect from January 2024. The surge is directly linked to the escalating costs attributed to overall inflation and the amplified prices of commodities in the market.
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