These automakers will increase car prices in January 2024
What's the story
Come January 2024, get ready for a price surge in the car market, as major automakers like Maruti Suzuki, Mahindra, Hyundai, and a few others plan to hike their vehicle prices.
This decision comes as a result of increasing input costs, commodity prices, and inflation.
To recall, Maruti Suzuki last raised vehicle prices by 0.8% in April this year.
Tata Motors will also announce a price hike in January 2024, but the exact percentage is still under wraps.
Price hike
Audi and Mahindra have announced price hikes from January
Audi plans to bump up its vehicle prices by up to 2% from January next year due to escalating input and operational costs.
Audi India CEO Balbir Singh Dhillon mentioned that the price correction is essential to maintain the brand's premium positioning.
In the same vein, Mahindra intends to raise the prices of its SUVs in response to inflation and soaring costs, although specific details about the price hike remain unknown.
Details
Hyundai and MG Motor will follow suit
Hyundai attributes its upcoming price hike to mounting input costs, rising commodity prices, and unfavorable exchange rates.
However, the carmaker has not disclosed the extent of the increase.
MG Motor also confirmed a price hike for all models in its lineup from January 2024 onwards due to overall inflation and increased commodity prices but has not divulged the exact percentage of the increase.
Other carmakers
Other automakers are also joining the price hike trend
Several other automakers, including BMW, Volkswagen, SKODA, Mercedes-Benz, Volvo, Nissan, and Honda have announced price hikes starting January 2024.
The price increase will range mostly from 2% to 3%, with some automakers keeping the exact percentage under wraps.
The models with more hi-tech features will likely see a bigger hike than entry-level trims.