With the year 2020 drawing to a close, several Car manufacturers have announced a hike in the price of their vehicles. Kia, Hyundai, Maruti Suzuki, MG and Mahindra are amongst some of the carmakers that have announced price hikes for their models, starting January 2021.
It is quite common for car makers to hike prices at the start of the calendar year, owing to exchange-rate fluctuations and rising input and material costs. The brands expect to increase their sales in the last month of the year by making this move. Following are the carmakers that are set to hike prices from next year.
KIA SUV and MPV prices
Prices for KIA Seltos and Sonet SUVs will see an increase from January next year as conveyed by KIA Motors to its dealers. The statement mentioned the expected increase to be substantial and that the exact extent of price increase will be announced on January 1. Surprisingly, the statement has no mention of hiking prices of the Carnival MPV, which has been Kia’s slowest seller thus far.
Kia Seltos is currently being priced around Rs 9.89 lakh to Rs 17.34 lakh, while the Sonet ranges from Rs 6.71 lakh to Rs 12.89 lakh.
HYUNDAI CAR AND SUV PRICES
HYUNDAI India will also be increasing the prices of its models in the beginning of next year. The car manufacturer has made it clear that it is going to do the price revision for its entire range due to increase in input and material costs. The carmaker will reveal the extent of the price hike in January 2021. We can expect different price hike increments depending on model, variant and fuel type.
MARUTI SUZUKI CAR AND SUV PRICES
India’s leading carmaker Maruti Suzuki too will be hiking prices across its range due to rising input costs. While the brand has not yet revealed as to how much prices are going to increase, the hike in prices will depend on a particular model. Cars prices of its range were previously hiked in January 2020 as well, but one can expect the hike to be more substantial for 2021, given the current COVID-19 situation this year.
MAHINDRA SUV PRICES
Top Indian SUV maker MAHINDRA has also announced the hikes of its vehicles prices from next year. Although, the carmaker did not comment on the extent of the hike, it revealed that it would be applicable to its passenger and commercial vehicle portfolios. The carmaker cited rising costs of inputs and commodity prices as reasons for the hike as stated by the carmaker include rising input costs and commodity prices.
MG SUV PRICES
Although, MG had recently announced that it would be launching a new seven-seat Hector Plus early next year, it is also preparing to hike prices. The carmaker has disclosed the increase in prices of all its models currently on sale by up to 3 percent from January 1. Last month, Gloster model by the carmaker saw an increase in its price following the conclusion of the introductory pricing period.
HONDA CAR AND SUV PRICES
Dealer sources have confirmed that Honda is all set to revise the prices for their cars upwards from January 1, 2020. No details are currently available as to the amount of increase.
RENAULT CAR AND SUV PRICES
Renault will also be hiking prices for its models by approximately Rs 28,000 in the upcoming year. In a statement issued by the carmaker it revealed that the rising prices of input materials and other costs had made an upward revision in pricing inevitable.
BMW, MINI CAR AND SUV PRICES
On the luxury end of the car market BMW Group India has said that it will be hiking prices for its range of models sold under the BMW and Mini brands by as much as 4 percent from 2021with the new prices coming into effect from January 4.
FORD CAR AND SUV PRICES
FORD India is all set to increase prices of its range of cars and SUVs by up to 3 percent from January 2021, or between Rs 5,000 to Rs 35,000, depending on the model. Although, the carmaker, has made it clear that the customers booking their cars in 2020 will not be affected, with the old price remaining applicable for these buyers.