New Delhi: German luxury carmaker Audi on Wednesday said it will hike prices across models in India by up to 4 percent, a maximum of Rs 4.42 lakh on its R8 model, with effect from July 15 to offset the impact of rupee depreciation and rise in input costs.
Rival Mercedes Benz also said it it monitoring the situation and may revise prices for some specific models.
"The overall market scenario is challenging. The depreciating rupee and rise in input cost have made us re- evaluate our pricing strategy in India and increase the prices of the entire range," Audi India Head Michael Perschke said in a statement.
The company said the price of Audi Q5 would go up by Rs 1.52 lakh from its current tag of Rs 44.5 lakh, while Audi A6 which costs Rs 40.86 lakh will be dearer by Rs 1.80 lakh.
Likewise, the Audi R8 that is priced at Rs 1.54 crore will cost Rs 4.42 lakh more, following the price hike, while its SUV Q3 priced at Rs 28.56 lakh will cost Rs 40,000 more. The A4 sedan which is priced at Rs 28.5 lakh will be dearer by Rs 75,000.
When contacted Mercedes Benz India Managing Director and CEO Eberhard Kern said that the weakening of the rupee is indeed a worrying sign but the company has a long term hedging strategy and hence it is not considering any immediate short term measures.
"We are closely monitoring the developments and if required, we may consider a revision in our pricing for specific models," Kern said.
The rupee has been weakening against the dollar for a prolonged period and it had touched a record low of 61.21 on Monday. It is affecting companies which are importing their products and parts to India.
First Published: Wednesday, July 10, 2013, 18:24