After multiple companies announcing price hike, more manufacturers have now announced price hike from January 2022 to offset the impact of rising input cost. The latest to join the list of automakers announcing prike hike is the country’s largest two-wheeler maker Hero MotoCorp and German carmaker Volkswagen. Earlier, companies like Maruti Suzuki India, Tata Motors, Toyota Kirloskar Motor, Honda Cars, Skoda and Audi have indicated to increase vehicle prices from next month.
Hero Motocorp, on Thursday said it will increase prices of its entire model range by up to Rs 2,000 from January 4, 2022 in order to offset the impact of rise in input cost. The company will make an upward revision in the ex-showroom prices of its motorcycles and scooters, with effect from January 4, 2022, Hero MotoCorp said in a statement.
The price revision has been necessitated to partially offset the impact of steadily increasing commodity prices, it added. “The price revision will be up to Rs 2,000 and the exact quantum of increase will depend on the model and the market,” the two-wheeler maker stated.
Similarly, Volkswagen Passenger Cars India announced that it will hike the prices of Polo, Vento and Taigun from January 1, 2022 owing to the rising input and operational costs. The price revision will be ranging from 2-5 per cent depending on the carline and the variant, it said. Price hike will not be applicable to the new Tiguan, which was launched in India recently, it added.
“Our effort over the years has been to make our brand, products and services more accessible and establish Volkswagen as the brand of choice amongst our customers. Due to the substantial increase in the input and operational costs, we have decided to hike the prices of our product offering ranging from 2-5 per cent and keeping the impact on customers at a minimal level,” Volkswagen Passenger Cars India Brand Director Ashish Gupta noted.
There has been a steady increase in prices of raw materials like steel, aluminum, copper, and precious metals over the last year prompting automobile manufacturers to raise model prices.
