Maruti, Hyundai, GM hike prices by up to Rs. 1.27 lakh, cite input costs
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Leading manufacturers Maruti Suzuki, Hyundai and General Motors hiked car prices by up to Rs. 1.27 lakh Tuesday, within days of the government's withdrawal of excise duty concessions.
The carmarkers attributed the price hike to increased input costs as also to the withdrawal of the duty sops, which were given in February last year and extended till December 31.
The country's largest car maker Maruti Suzuki India (MSI) hiked prices of its vehicles in the range of Rs. 7,850 to Rs. 31,600, while rival Hyundai hiked prices in the range of Rs. 15,000 to Rs. 1,27,000, effective January 1, 2015.
General Motors India also hiked prices of various models in the range of Rs. 15,000 to Rs. 61,000.
The increased prices after revision of central excise duty with effect from January 1, 2015 across all models ranges between Rs. 7,850 on Omni van to Rs. 31,600 on mid-sized sedan Ciaz, said an MSI official.
Under the revised prices, the popular entry level car Alto 800 will be dearer by Rs. 8,500 to Rs. 12,700. Before the hike the model was priced between Rs. 2.37 lakh and Rs. 3.52 lakh (all prices ex-showroom Delhi).
Another popular model WagonR from will see an increase ranging from Rs. 12,500 to Rs. 15,700 from its current tag of Rs. 3.48 lakh to Rs. 4.35 lakh.
Maruti's premium compact car Swift will cost Rs. 15,850 to Rs. 25,150 more now from the current price of Rs. 4.42 lakh to Rs. 6.95 lakh.
Likewise, popular compact sedan Dzire will see an increase from Rs. 17,500 to Rs. 26,650 from the current price of Rs. 4.85 lakh to Rs. 7.32 lakh.
The car market leader said its new compact model Celerio will see an increase of Rs. 13,600 to Rs. 17,200 from the existing price tag of Rs. 3.76 lakh to Rs. 4.78 lakh.
Maruti's latest model Ciaz will cost Rs. 22,450 to Rs. 31,600 more from the current price of Rs. 6.99 lakh to Rs. 9.80 lakh, while the price of its multi-purpose vehicle Ertiga has been hiked by Rs. 18,750 to Rs. 27,750 from its previous price of Rs. 5.8 lakh to Rs. 8.49 lakh.
Maruti Suzuki said its van Omni will cost Rs. 7,850 to Rs. 9,950 more from the current price of Rs. 2.17 lakh to Rs. 2.75 lakh.
Earlier in the day, Hyundai Motor India Ltd (HMIL) said it has raised the price of entry level small car Eon by Rs. 15,417. It was previously priced between Rs. 2.88 lakh and Rs. 4.03 lakh.
Another compact car i10 will be dearer by Rs. 21,501. The model used to retail between Rs. 3.99 and Rs.4.77 lakh.
Similarly, HMIL has hiked the price of Grand i10 by up to Rs. 22,508. It was earlier tagged between Rs.4.41 lakh and Rs. 6.43 lakh.
The company said prices of compact sedan Xcent have been hiked by up to Rs. 25,597. Before the hike, the model cost between Rs. 4.73 lakh and Rs. 7.47 lakh.
The company further said the price of its premium hatchback Elite i20 has been increased by up to Rs.29,814 from its price ranging between Rs. 4.99 and Rs. 7.66 lakh.
Mid-sized sedan Verna will cost Rs. 23,965 more from the earlier price between Rs. 7.39 lakh and Rs. 11.72 lakh, the company said, adding executive sedan Elantra prices have also been been hiked by up to Rs.36,912. The sedan was previously priced between Rs. 12.92 and Rs. 16.24 lakh.
Similarly, HMIL said petrol variant of its premium sedan Sonata has been hiked by up to Rs. 45,396 from the previous price range of Rs. 18.74 lakh to Rs. 20.78 lakh.
Hyundai has also hiked the price of its premium sports utility vehicle Santa Fe by up to Rs. 1.27 lakh. The vehicle was previously priced between Rs. 25.60 lakh and Rs. 28.41 lakh.
Homegrown auto major Tata Motors said it would also be increasing prices of its products.
On Monday, Honda Cars India had announced a price hike of up to Rs. 60,000 across its product range.
India's largest two-wheeler maker Hero MotoCorp also said it has passed on the impact of increase in excise duty to consumers without sharing the details.
"Manufacturers have no option but to pass on the enhanced excise duty rates to customers which is going to further slowdown the pace of growth in the industry. We have raised the prices on our two-wheelers to offset the increased duty impact," a company spokesperson said.
The new prices have come into effect from January 1, the spokesperson added.
On the withdrawal of the excise duty concession, the official said: "The auto industry still remains sluggish and therefore, the rollback of the current excise duty rate is going to adversely impact the industry in particular and the manufacturing sector in general."
The carmarkers attributed the price hike to increased input costs as also to the withdrawal of the duty sops, which were given in February last year and extended till December 31.
The country's largest car maker Maruti Suzuki India (MSI) hiked prices of its vehicles in the range of Rs. 7,850 to Rs. 31,600, while rival Hyundai hiked prices in the range of Rs. 15,000 to Rs. 1,27,000, effective January 1, 2015.
General Motors India also hiked prices of various models in the range of Rs. 15,000 to Rs. 61,000.
The increased prices after revision of central excise duty with effect from January 1, 2015 across all models ranges between Rs. 7,850 on Omni van to Rs. 31,600 on mid-sized sedan Ciaz, said an MSI official.
Under the revised prices, the popular entry level car Alto 800 will be dearer by Rs. 8,500 to Rs. 12,700. Before the hike the model was priced between Rs. 2.37 lakh and Rs. 3.52 lakh (all prices ex-showroom Delhi).
Another popular model WagonR from will see an increase ranging from Rs. 12,500 to Rs. 15,700 from its current tag of Rs. 3.48 lakh to Rs. 4.35 lakh.
Maruti's premium compact car Swift will cost Rs. 15,850 to Rs. 25,150 more now from the current price of Rs. 4.42 lakh to Rs. 6.95 lakh.
Likewise, popular compact sedan Dzire will see an increase from Rs. 17,500 to Rs. 26,650 from the current price of Rs. 4.85 lakh to Rs. 7.32 lakh.
The car market leader said its new compact model Celerio will see an increase of Rs. 13,600 to Rs. 17,200 from the existing price tag of Rs. 3.76 lakh to Rs. 4.78 lakh.
Maruti's latest model Ciaz will cost Rs. 22,450 to Rs. 31,600 more from the current price of Rs. 6.99 lakh to Rs. 9.80 lakh, while the price of its multi-purpose vehicle Ertiga has been hiked by Rs. 18,750 to Rs. 27,750 from its previous price of Rs. 5.8 lakh to Rs. 8.49 lakh.
Maruti Suzuki said its van Omni will cost Rs. 7,850 to Rs. 9,950 more from the current price of Rs. 2.17 lakh to Rs. 2.75 lakh.
Earlier in the day, Hyundai Motor India Ltd (HMIL) said it has raised the price of entry level small car Eon by Rs. 15,417. It was previously priced between Rs. 2.88 lakh and Rs. 4.03 lakh.
Another compact car i10 will be dearer by Rs. 21,501. The model used to retail between Rs. 3.99 and Rs.4.77 lakh.
Similarly, HMIL has hiked the price of Grand i10 by up to Rs. 22,508. It was earlier tagged between Rs.4.41 lakh and Rs. 6.43 lakh.
The company said prices of compact sedan Xcent have been hiked by up to Rs. 25,597. Before the hike, the model cost between Rs. 4.73 lakh and Rs. 7.47 lakh.
The company further said the price of its premium hatchback Elite i20 has been increased by up to Rs.29,814 from its price ranging between Rs. 4.99 and Rs. 7.66 lakh.
Mid-sized sedan Verna will cost Rs. 23,965 more from the earlier price between Rs. 7.39 lakh and Rs. 11.72 lakh, the company said, adding executive sedan Elantra prices have also been been hiked by up to Rs.36,912. The sedan was previously priced between Rs. 12.92 and Rs. 16.24 lakh.
Similarly, HMIL said petrol variant of its premium sedan Sonata has been hiked by up to Rs. 45,396 from the previous price range of Rs. 18.74 lakh to Rs. 20.78 lakh.
Hyundai has also hiked the price of its premium sports utility vehicle Santa Fe by up to Rs. 1.27 lakh. The vehicle was previously priced between Rs. 25.60 lakh and Rs. 28.41 lakh.
Homegrown auto major Tata Motors said it would also be increasing prices of its products.
On Monday, Honda Cars India had announced a price hike of up to Rs. 60,000 across its product range.
India's largest two-wheeler maker Hero MotoCorp also said it has passed on the impact of increase in excise duty to consumers without sharing the details.
"Manufacturers have no option but to pass on the enhanced excise duty rates to customers which is going to further slowdown the pace of growth in the industry. We have raised the prices on our two-wheelers to offset the increased duty impact," a company spokesperson said.
The new prices have come into effect from January 1, the spokesperson added.
On the withdrawal of the excise duty concession, the official said: "The auto industry still remains sluggish and therefore, the rollback of the current excise duty rate is going to adversely impact the industry in particular and the manufacturing sector in general."