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From January, Tata Motors, Honda, and Renault Plan to Raise Vehicle Prices

Some automakers, including Maruti Suzuki, Audi, and Mercedes-Benz, have already announced price hikes beginning next month.

The vehicle price increases coincide with a significant increase in the price of essential commodities over the last year.

Given the continued rise in input costs, carmakers such as Tata Motors, Honda, and Renault are considering raising vehicle prices beginning in January next year. Essential commodities like steel, aluminium, copper, plastic, and precious metals have seen significant price increases in the last year.

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Tata Motors
Tata Motors

Aside from that, transportation costs have risen in recent years, affecting original equipment manufacturers’ total cost structures (OEMs).

Given the rise in commodity costs, Tata Motors is also considering raising prices. Shailesh Chandra, the company’s President of Passenger Vehicles Business, told PTI, “Commodity, raw material, and other input costs are all continuing to rise. In the near to medium term, an appropriate price increase to at least partially offset this increase in costs appears to be unavoidable.” In the domestic market, Tata Motors sells models like the Punch, Nexon, and Harrier.

Given the significant impact on input costs as a result of rising commodity prices, Honda Cars India is considering a price increase in the near future. “We’re still looking into how much can be absorbed,” a company spokesperson told PTI.

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Renault has also stated that starting in January, it will implement a “substantial” price increase across its entire model range. In India, it sells models like the Kwid, Triber, and Kiger.

Tata Motors
Tata Motors

Maruti Suzuki, as well as luxury automakers Audi and Mercedes-Benz, have already announced price increases beginning next month.

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Maruti Suzuki, the country’s largest carmaker, said the price hikes planned for January 2022 will vary by model, while Mercedes-Benz said its hikes will be up to 2% on select models due to feature enhancements and rising input costs. Due to rising input and operating costs, Audi will raise prices by up to 3% across its entire model range.

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