Indian consumers have to shell out more for buying vehicles from April
Bengaluru, 26 March Indian consumers have to pay more for buying vehicles from April onwards as several automakers have decided to hike prices owing to rise in input costs.
As automakers deal with the ongoing global crises, a semiconductor scarcity is worsening in the coming months.
While Tata Motor's Nexon EV has announced price hike of Rs 25,000, Ola Electric has also announced an increase in the price of its scooter range for the next purchase window.
Similarly, Toyota Kirloskar Motor said on Saturday that it would increase prices of its entire model range by up to 4 per cent from April 1 to offset the impact of rising input costs. The company, which sells models like Fortuner and Innova Crysta, noted that prices are being hiked due to the rising input cost, including raw materials.
Luxury carmaker BMW India on Friday has said it will increase prices of its entire model range by up to 3.5 per cent from April 1 to offset the impact of rise in input costs.
Most automakers raised prices in January 2022, and the entire last year saw price hikes by automakers. Not only new vehicles, the demand for used vehicles has also increased dramatically because of the rising costs of new vehicles.
While the ongoing Russia-Ukraine crisis has worsened the semiconductor crisis, automakers are also staring at rise in steel prices. Even supply chain issues have led to rise in overall production costs of many automakers.