Maruti Suzuki, Hyundai, Honda, Renault to hike car prices by April 1
Automakers like Renault, Maruti, Hyundai and Honda are all set to raise car prices in India, just a month after reducing price following excise duty cuts by the government. While the hike range hasn't been disclosed yet, dealers confirmed that the price hike is imminent by April 1. This is the third time in the last six months that manufacturers will be raising prices.
Only last month car makers slashed prices after the government announced excise duty reduction on passenger vehicles saying that they want their customers to get full benefit of the cut in excise duty. Inspite of this, there wasn't any market turnaround and sales kept steadily falling. Now just over a month later, the small and mid-range passenger vehicles are set for a price rise.
OVERDRIVE spoke to dealers of the aforementioned manufacturers and all of them confirmed the price hike and blamed poor economic conditions, lower margins and rising fuel prices for the hike.