Automobile manufacturers, Tata Motors, Ford India and Nissan India have announced plans to hike prices of their passenger vehicles from next month to partially offset the impact of rising input costs. Nissan India said it will increase prices by up to 4 per cent across its models. "The revised prices will be applicable across all available models for Nissan and Datsun, effective January 1, 2019," the company said in a statement. The company sells a range of passenger vehicles under two brands -- Nissan and Datsun starting from entry level Datsun RediGo to Nissan GT-R priced between Rs 2.56 lakh and Rs 2.12 crore.
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"In the wake of the global commodity price increase and shift in foreign exchange rates, we need to pass on the rising costs to our consumers," Nissan Motor India Director (sales and commercial) Hardeep Singh Brar said in a statement.
Earlier in the day, Ford India announced that it will increase prices of its models by up to 2.5 per cent from January to partially offset the impact of rising input costs.
"We are taking this step due to increase in input price owing to high commodity prices and frequent fluctuations in foreign exchange rates," Ford India Executive Director - Marketing, Sales and Service, Vinay Raina told PTI.
Ford sells a range of models, from compact utility vehicle Freestlye (starting price Rs 5.23 lakh) to iconic sports car Mustang priced at Rs 74.62 lakh (all prices ex-showroom Delhi).
Similarly, Tata Motors also said it will hike prices of its passenger vehicles across models by up to Rs 40,000 from January 1, 2019, to offset the impact of rising input costs and increase in fuel prices.
The company's passenger vehicles portfolio ranges from entry-level small car Nano to the premium SUV Hexa, which are currently priced between Rs 2.36 lakh and Rs 17.97 lakh (ex-showroom Delhi).
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"The changing market conditions, rising input costs and various external economic factors have compelled us to consider this price increase," Tata Motors President of Passenger Vehicles Business Unit Mayank Pareek said.
Maruti Suzuki, Toyota Kirloskar, BMW, Renault and Isuzu have already announced price hike from next month citing impact of increase in commodity prices and foreign exchange rates.