General Motors India and Ford India have announced that they are going to hike the car prices from January 2012 on account of rising input costs and devaluation of rupee. GM India will increase the price by 1-2 per cent, while Ford cars will be costlier by 3 per cent. Earlier this week, Toyota Kirloskar Motor has announced the price hike by 3 per cent for the same reasons.
General Motors India has increased the price of its Beat diesel car by Rs 15,000 with immediate effect. “In case of Beat diesel, we had an introductory price. Due to the current currency fluctuations and rising commodity prices, we have no option but pass it on to consumers,” GM India Vice President P Balendran said.
GM has hiked price of Beat diesel by Rs 15,000 with immediate effect, while the rest of the models’ prices will go up by 1-2 per cent by January, he added.
Ford India will hike the prices of its models from January 1, 2012, Ford India Executive Director (Marketing, Sales and Service) Nigel Wark said. “For the last three months, the rupee devaluation is happening. The rising input costs are also hurting us. We have now decided to increase the prices of all our products by 2-3 per cent,” he added.
The rupee depreciation is putting pressure on firms importing substantial amount of components from overseas. The rupee has depreciated by over 15 per cent in the last three months.
The domestic currency fell by 21 paise to 51.41/42 against the US dollar yesterday at the Interbank Foreign Exchange.
