After a steep increase in petrol prices, it’s another shocker for people thinking of buying a car. The drastic fall of Rupee has increased the import costs for the car makers. Manufacturers admit that they’re not in a position to absorb all these impacts and so they are compelled to increase the price of the cars and pass on the burden to the customers. Toyota Kirloskar Motors, General Motors India are expected to announce the price hikes in near future and other giants like Maruti Suzuki and Hyundai Motor India are also expected to follow.
Mr. Sandeep Singh, Deputy Managing Director (Marketing), Toyota Kirloskar Motors, said: “We have been facing cost pressures over the last few months and have decided to hike the prices. The quantum is yet to be finalised, but the hike should come into effect from June”.
Mr. P. Balendran, President, General Motors India, says: “We are re-considering plans to increase prices from June as customers are hit by the massive increase in the prices of petrol. We do not want to create a double whammy for customers and are planning to postpone the hike till the conditions improve in the domestic market”.
News Source: Economic Times