close
This ad will auto close in 10 seconds

GM ups prices by 3%, other car-makers may follow

Surging input prices are likely to push up costs for car-makers, forcing them to raise prices in the coming days.



Mumbai: Surging input prices are likely
to push up costs for car-makers, forcing them to raise prices
in the coming days.

While companies like Toyota, Ford and Fiat are mulling
a price-increase if commodity prices continue to rise at the
current rate, auto-major General Motors India has already
decided to increase its prices by 2-3 per cent from next
months onwards.

Overall, commodity prices have gone up by 25 per cent
in recent days.

"We will be increasing prices across all eight models
by 2-3 per cent from July first week to offset rising input
costs," General Motors India`s Vice-President P Balendran,
told here.

"Prices of commodities like steel and rubber have
risen sharply since the second quarter of last year. So, we
have been forced to increase prices this time," Balendran
said.

Car-makers have already hiked their prices thrice
- first in January due to rise in input costs, second
following a two per cent excise duty hike in the Union Budget
and third after the introduction of new emission norms.

"We are reviewing the situation this time and will
take a call by this month-end. Commodity prices has gone up
sharply in recent days," Toyota Kirloskar Motor`s Deputy
Managing Director (Marketing), Sandeep Singh, said.

PTI

From Zee News

0 Comment - Join the Discussions