General Motors (GM) India on Tuesday increased vehicle prices by up to Rs 61,000 in order to partially offset the impact of rising input costs and expiry of reduced excise duty concessions.
The price hike, with effect from January 2015, on Chevrolet vehicles built in the country ranges from approximately Rs 15,000 to Rs 61,000, depending upon the various models and variants, General Motors India Vice President P Balendran said in a statement.
The overall revision includes both the price increases on account of cost pressure and excise duty withdrawal by government which has been passed on to the consumer, Balendran added.
The price hike follows the government not extending excise duty concessions given to the auto industry after the expiry on December 31, 2014.
The auto major has raised the prices of its entry-level car Spark in the range of Rs 15,739 to Rs 18,300 and it will now cost between Rs 3.6 lakh and Rs 4.18 lakh (all prices ex- showroom Delhi).
Prices of GM's Beat hatchback have been increased in the range of 15,739 to Rs 18,300 and it will now be available for a price range of Rs 4.2 lakh to Rs 6.28 lakh.
Further, prices of Sail hatchback have been raised in the range of Rs 20,458 to Rs 36,387. It will now cost between Rs 4.66 lakh to Rs 7.18 lakh.
The Sail sedan has become dearer in the range of Rs 22,365 to Rs 35,820. The model is now priced between Rs 5.49 lakh and Rs 8.05 lakh.
Prices of Cruze sedan have been hiked in the range of Rs Rs 46,960 to Rs 55,561. The model would now be available for Rs 14.26 lakh to Rs 16.85 lakh.
The company has raised the prices of its multi purpose vehicle (MPV) Enjoy in the range of Rs 24,901 to Rs 35,319 and it will now cost between Rs 6.10 lakh and Rs 8.62 lakh.
Prices of GM's other MPV Tavera have been hiked in the range of Rs 24,799 to Rs 60,982. The model will now be available for Rs 9.25 lakh to Rs 11.29 lakh.
The government had extended the excise duty concessions by 6 months in June continuing the previous UPA government's decision to cut excise duty on cars, SUVs, two-wheelers and consumer durables in the interim Budget in February, 2014.
The excise duty on small cars, scooters, motorcycles and commercial vehicles was reduced to 8 per cent from 12 per cent previously. For SUVs, it was cut to 24 per cent from 30 per cent; for mid-sized cars, to 20 per cent from 24 per cent and to 24 per cent for large cars, from 27 per cent. From January 1, 2015, the higher rates are applicable.