New Delhi, Dec 03: Ford Motor India would announce an across the board price hike next month, a top company official said today. "We have decided to hike prices by 2-3 per cent of all the models by January as input costs, especially of steel and rubber are growing. The increase will be applicable by next month itself," Ford Motor India vice-president (marketing) Vinay Piparsania told here.
The company had been under constant cost pressure throughout the last year. Apart from steel and rubber, material, distribution and transportation costs have also gone up substantially, he said adding "so far we have tried our best to absorb rising cost of different materials".
The local arm of the world's second-biggest carmaker is working with a clutch of finance companies to keep the monthly income plan stable.
It may be mentioned here that automakers like Maruti have already announced the impending price rise citing similar reasons.
Last week, Maruti said it would revise prices upward as spiralling inputs costs were putting pressure on margins.
Bureau Report