New car buyers will have to spend more this festive season as Hyundai and General Motors have decided to hike product prices by up to Rs 20,000 to offset impact of rupee depreciation and rising input costs.
Tata Motors also said it plans to hike prices in the range of 1-1.5 per cent across its passenger cars and commercial vehicles, while Maruti said it is still evaluating the situation.
"Tata Motors plans to increase the prices of its passenger and commercial vehicles around 1-1.5 per cent, depending on the model, either petrol or diesel," a Tata Motors spokesperson told PTI.
This is due to rise in input costs, and after having neutralised to the extent possible through internal efficiencies, she added without disclosing details.
The country's largest car maker Maruti Suzuki India (MSI) is currently keeping a watch on the situation.
"While we evaluate impact of the increasing costs, we would like our customers to have a good festive time. On price increase we continue to evaluate options of how much and when," a MSI spokesperson said.
Earlier in the day, Hyundai Motor India Ltd (HMIL) said it will hike prices by Rs 4,000 to Rs 20,000 across models, except the newly launched compact car Grand i10, from October 1, while General Motors said its fourth price hike of the year will be across all models by Rs 2,000 to Rs 10,000.
"The rupee depreciation and inflationary trends have impacted our input costs. We have been absorbing most of the costs but now we are compelled to consider the price increase," HMIL Senior Vice President, Sales and Marketing, Rakesh Srivastava said.
The company sells a range of vehicles in India, starting from the entry level compact car Eon to high-end sports utility vehicle Santa Fe.
While the Eon is available at a price range of Rs 2.85 lakh to Rs 3.91 lakh (ex-showroom Delhi), the Santa Fe is priced at Rs 23.40 lakh to Rs 26.49 lakh (ex-showroom Delhi).
General Motors India, which hiked prices of its three models car Beat, SAIL and multi-purpose vehicle Enjoy by up to Rs 10,000 earlier this month, said it is undertaking another round of increase of up to 1.5 per cent across all models.
"We are increasing the prices of all models, including those which recently saw a hike, at a range of 0.5 per cent to 1.5 per cent," General Motors India Vice President P Balendran said.
On Tuesday, Toyota Kirloskar Motor had announced