Mumbai, Dec 12: Volkswagen Passenger Cars India on Tuesday announced plans to hike car prices by up to 2 per cent across its model range owing to rising input and material costs.
A Volkswagen spokesperson said: “While the Brand continues to absorb most of the input cost increase, however, some impact will have to be passed on to the end consumers.”
The Volkswagen decision comes close on the heels of Maruti Suzuki as well as Mahindra & Mahindra having announced that they would be hiking vehicle prices.
Home-grown auto major Mahindra & Mahindra on December 6 had announced that it would increase the prices of its passenger and commercial vehicles from next month.
The company said it was raising prices due to increased costs.
The auto major said it has made efforts to absorb as much of these additional costs as possible.
However, a portion of this increase will be passed on to customers.
Maruti Suzuki’s announced on November 27 that it would increase the prices of its cars from January 2024.
The country’s leading carmaker said it has decided to raise car prices due increased input costs.
“While the company makes maximum efforts to reduce costs and offset the increase, it may have to pass on some increase to the market," Maruti Suzuki had said.