Several auto companies have announced plans to increase prices of their cars in India around the New Year, and yet another car manufacturer has joined the club. Auto giant Volkswagen has announced that it will increase prices of its vehicles in Indian markets by up to Rs 20,000 from January 2018. The German carmaker cited rising input costs as the reason behind this move.
The increase in price will be put into effect across the Volkswagen portfolio in India, the extent of hike depending on the model, Volkswagen said in a statement.
"The price increase is essential on account of several external economic factors as well as fluctuations in the global commodity price and local input cost and is in line with industry," Volkswagen Passenger Cars Director Steffen Knapp said.
Earlier today, Fiat Chrysler Automobiles (FCA) India announced that it will hike the price of Jeep Compass by Rs 80,000 from January. The price rise will cover all trims of the premium SUV, except the entry-level variant.
Yesterday, Maruti Suzuki India had declared that it will raise prices of its entire portfolio by up to 2 per cent from the start of next year. Other carmakers including Tata Motors, Ford India, Toyota Kirloskar Motor, Honda Cars India, Skoda and Isuzu have also announced plans to increase prices from early next year, citing rising manufacturing costs.