Major car manufacturers to hike prices in India this April
What's the story
Major car manufacturers including Toyota, Kia, and Honda have announced plans to increase the prices of their models in India for the fiscal year 2024-25. The decision comes as a response to rising input costs and operational expenses. Toyota Kirloskar Motor (TKM) has revealed its intention to raise prices by approximately 1% from April 1. This will be Toyota's second price hike this year after a previous increase in January 2024.
Toyota's move
Toyota announces price hike effective April 2024
In a recent press release, Toyota announced its plan to increase the prices of certain grades of specific models by approximately 1%. The price hike will be effective from April 1, 2024. The company cited escalating input costs and operational expenditures as the reason for this move.
Kia's decision
Kia Motors to adjust prices upwards
Kia Motors has also announced its plans to adjust prices for popular models including the Sonet, Seltos, and Carens. The price increase could be up to 3%. The South Korean carmaker attributes the impending price hikes to rising commodity prices, input costs, and supply chain-related factors. This decision reflects the broader trend among car manufacturers in response to escalating operational expenses.
Honda's plan
Honda Cars India likely to follow suit
Honda is also expected to increase its prices, although the company has not yet released an official statement detailing the extent of the price hike. Online sources suggest that all three models in its Indian lineup, the Amaze, City (ICE and Hybrid), and Elevate, will be impacted by this price adjustment. This move aligns with the trend among major car manufacturers in response to rising operational costs.