General Motors to hike car prices from Oct 1
New Delhi: General Motors India on Thursday said it will increase prices of all its models from October 1 to offset the impact of rising input costs and currency fluctuation.
"The details, such as quantum of hike, are still being evaluated but we have decided to increase the prices of all our models from October 1 due to high input costs, currency fluctuation and freight costs," General Motors India Vice President P Balendran told reporters.
The company sells a range of models starting from entry level small car Spark to the high-end sports utility vehicle Captiva in the Indian market. The prices of the company's vehicles start at Rs 2.85 lakh for Spark and go up to Rs 24.6 lakh (ex-showroom Delhi) for the Captiva.
General Motors India's move comes three days after Honda Cars India and Maruti Suzuki announcing plans to increase prices of their respective products.
Both Honda and Maruti had also cited rising input costs and impact of adverse currency movements as the reasons for the price hike.
Honda Cars India will raise the prices of its three models -- Brio, Jazz and City -- by up to 2.6 per cent with effect from October 1
Similarly, the country's largest car maker Maruti Suzuki India had also said it would hike the prices of its vehicles within a week and it was working out the details.