Lexus considers a price hike amid depreciating Indian Rupee
What's the story
Luxury carmaker Lexus is considering a price hike starting next month to offset the impact of the weakening Indian Rupee and rising input costs. The company currently offers six models in India, with prices ranging from Rs. 62 lakh to Rs. 3 crore (all prices, ex-showroom). Lexus India President Naveen Soni attributed the potential price increase to growing input costs and currency exchange rate pressures.
Price hike
Indian Rupee value and discussions on price hike quantum
On October 17, the Indian Rupee (INR) was valued at Rs. 83.25 against the US dollar. Soni noted that discussions about the extent of the price increase will occur later this month. The price hike is expected to be implemented from November onward. The exact percentage of increase will be determined after taking into account various factors such as input costs and currency exchange rates.
New model
Lexus begins pre-orders for LM luxury MPV in India
Lexus has started taking pre-orders for its seventh model, the Lexus LM, in the Indian market. Although the model's price has not been announced yet, the company has already received 150 bookings. Soni mentioned that demand remains robust during the ongoing festive season, which is a positive sign for the upcoming LM model. The price announcement is anticipated to be made soon.
About
Lexus is a luxury division of Toyota
Lexus, a luxury vehicle division of Japanese automaker Toyota, has made a name for itself in India's luxury car market by offering a range of high-end vehicles catering to diverse customer preferences. With its latest model, the Lexus LM, the company aims to further solidify its position in the Indian market. It aims to continue delivering premium automotive experiences to its customers.