NEW DELHI: Days after India’s largest carmaker Maruti Suzuki announced a price hike effective from next year, other auto makers such as Tata Motors, Renault and Honda said that they will do the same to offset the impact of rising input costs.
Tata Motors on Monday said it will hike prices of its commercial vehicles in the range of 2.5% from January 1. The price hike will be across segments.
“The increase in the prices of commodities such as steel, aluminium and other precious metals, in addition to higher costs of other raw materials, has incited this price hike for commercial vehicles,” it said in a regulatory filing.
Commenting on price hike for passenger vehicles, Tata Motors President Passenger Vehicles Business Shailesh Chandra said an appropriate price hike to at least partially offset this increase in costs seems inevitable in the near to short term.
Meaning, Renault is also looking at a “substantial” price increase across all its models from January. Honda Cars India also said that it is planning to hike prices in the near future due to the pressure of input cost.