The new year might not bring excellent news for people looking to buy new cars as car manufacturers are going for price hikes.
Maruti had announced that due to inflation, the manufacturing costs have increased which is forcing them to take such a step. Maruti’s current lineup comprises a total of 17 models, including both Arena and Nexa offerings. Their prices range from Rs 3.99 lakh for the Maruti Alto K10 to Rs 28.42 lakh for the Maruti Invicto.
Similarly, Hyundai has confirmed that due to rising input costs, adverse exchange rates, and increasing commodity prices, they have to raise car prices.
Hyundai’s India lineup includes 13 models, including the Kona EV and Ioniq 5. In India, Hyundai’s range is priced between Rs 5.84 lakh and Rs 45.95 lakh.
Tata Motors has also announced its decision to raise the prices of its models, including all its ICE (internal combustion engine) and EV (electric vehicle) offerings, from January 2024. The Indian marque is yet to announce the model-wise quantum of the price hike.
Tata’s current lineup of cars includes 10 models, including 3 EVs: Tata Tiago EV, Tata Tigor EV, and Tata Nexon EV. Tata’s lineup starts with the Tiago, which starts at Rs 5.60 lakh and is topped off by the Safari, which costs Rs 27.34 lakh.
Mahindra currently retails 8 SUVs and 1 MPV in India. All of these will undergo price hikes, from next year onwards.
Luxury car manufacturers such as BMW and Audi are also all set for a price hike.BMW India has confirmed that its cars are set to become expensive by up to 2 percent from January 2024. This price hike will be applicable across the range, including the new BMW i7 electric sedan.