Price hikes on cars around the new year are a common affair and often take place post-festive season. The automakers have primarily cited this decision to surge in the prices of commodities and overall inflation, while a few automakers attribute it to upholding product quality and fluctuations in foreign exchange rates. The price hike will come into effect from January 1, 2024.
Here is a list of all the automakers that have announced a price hike starting in January 2024.
Audi India was one of the first carmakers to announce a price hike for its model range. The German carmaker has said that the prices of its entire range of cars will be hiked by up to 2 per cent. Audi said that the hike was necessitated by rising input and operational costs. The company's current line-up consists of the A4, A6, A8 L, Q3, Q3 Sportback, Q5, Q7, Q8, S5 Sportback, and the Q8 e-tron, Q8 Sportback e-tron, and the e-tron GT electric cars.
Also Read: Audi India To Hike Prices From January 2024
India's leading car manufacturer, Maruti Suzuki, attributes it to swelling cost pressures stemming from widespread inflation and escalating commodity prices. The brand says that despite its efforts to curtail expenses, the company anticipates a need to transfer a portion of the increased costs to the market. Maruti Suzuki currently retails the Alto, Celerio, S Presso, Wagon R, Baleno, Swift, Ignis, Fronx, Brezza, Ciaz, Dzire, Eeco, Ertiga, XL6, Grand Vitara, Invicto, and Jimny.
Also Read: Maruti Suzuki To Hike Prices From January 2024
Tata Motors announced its plans to increase the prices for its passenger vehicle range, including its electric vehicle portfolio. However, Tata Motors has not disclosed the specific percentage of the proposed hike. Currently, the brand’s portfolio comprises of the Punch, Nexon, Altroz, Tiago, Tigor, Harrier, Safari, Tiago EV, Tigor EV, and the Nexon EV.
Also Read: Tata Motors Mulls Price Hike For Passenger Vehicles, EVs In January 2024
MG Motor India confirmed in a statement that it will implement a price hike for all models in its lineup from January 2024 onwards. While the exact quantum of the price hike has not been specified, the company states that the bump is due to rising costs attributed to overall inflation and increased commodity prices. The brand currently retails the Hector, Astor, and Gloster, and two electric vehicles, the Comet EV and ZS EV, in the country.
Also Read: MG Motor India Announces Price Hike For All Models From January 2024 Onwards
Hyundai Cars India states that the hike in prices has been imposed due to the rise in input costs, increasing commodity prices, and an adverse exchange rate, among other factors. The carmaker, however, has not specified the quantum of the hike. The brand currently sells the Grand i10 Nios, i20, Exter, Aura, Verna, Venue, Creta, Alcazar, Tucson, Kona Electric, and the Ioniq 5 in the Indian market.
Also Read: Hyundai India To Hike Prices From January 2024
Mahindra cited the adjustment in prices in response to rising costs due to inflation and increased commodity prices. The car manufacturer did not reveal the exact percentage of the price hike; however, it mentioned that the price increase would vary across different SUVs and commercial vehicles. Mahindra’s passenger vehicle lineup includes the KUV100 NXT, Bolero, Bolero Neo, Scorpio-N, Scorpio Classic, XUV300, XUV700, Thar, Marazzo, and the XUV400 EV.
Also Read: Mahindra Auto To Hike Prices For SUV Range From January 2024
Citroen Cars India announced it will hike prices by 2.5 to 3 per cent across its lineup. The company justifies its decision by citing various market factors and the necessity to uphold product quality and competitiveness. Citroen India's current portfolio comprises the Citroen C3, C3 Aircross, C5 Aircross, and the all-electric eC3.
Also Read: Citroen India To Hike Prices For All Models From January 2024
BMW India has stated that it will be hiking prices across its range of cars and SUVs by up to 2 per cent. The company said that the hike in pricing was needed because of fluctuations in foreign exchange rates and rising input costs. The brand currently sells the 2 Series Gran Coupe, 3 Series Gran Limousine, M 340i, 5 Series, 6 Series, 7 Series, M8 Competition Coupe, M4 Competition Coupe, XM, M340i, X1, X3, X5, X7, Z4 M40i, X3 M40i, X4 M40i, M5, M2 Coupe, iX, i4, i7, iX1, and the i7 M70 in India.
Also Read: BMW India To Hike Prices From January 2024
Volkswagen Cars India will be increasing prices across its complete model range by up to 2 per cent. The company attributed the hike to rising material costs. The brand currently sells the Taigun, Tiguan, and Virtus in India.
Also Read: Volkswagen India To Hike Prices From January 2024
Skoda Auto India announced it will implement a price hike of up to 2 per cent starting from January 1, 2024. The price increase will vary across the brand's entire model range, which comprises of the Slavia, Kushaq, and Kodiaq. The price adjustment is attributed to rising supply, input, and operational costs.
Also Read: Skoda India To Hike Prices From January 2024
German luxury automaker Mercedes-Benz announced that it will hike the prices of select models in India by up to 2 per cent. The brand justifies the price hike owing to rising input, commodity, and logistics costs. The price hike will range from Rs 60,000 for the C-Class to Rs 2.6 lakh for the GLS SUV, and the flagship Mercedes-Maybach S 680 will incur a price hike of Rs 3.4 lakh.
Also Read: Mercedes-Benz India To Hike Prices Of Select Models By 2 Per Cent From January 1, 2024
Volvo Cars India is set to increase prices across its entire range, with a planned adjustment of up to two per cent. The company attributes this decision to escalating input costs and fluctuations in foreign exchange rates and aims to address the evolving market dynamics. Volvo Cars India presently retails five models in India- the C40 Recharge, XC40 Recharge, XC90, XC60, and the S90.
Also Read: Volvo Cars India To Hike Prices From January 2024
Nissan Motor India will be increasing the price of its sole offering, the Magnite compact SUV. The brand attributes this decision to rising input costs and inflationary pressure. The Japanese automaker will be revising prices for all the variants of the SUV starting from January 2024.
Honda Cars India has also taken steps to mitigate the impact of rising input costs. The Japanese car manufacturer has not revealed the specific percentage but does mention that the price hike would vary across its entire model range, which comprises the City, Amaze, and the newly launched Elevate.
