Japanese auto major Honda Motor owned Indian subsidiary, Honda Cars India has joined the other car makers in the country in announcing price hike from the beginning of next year. Honda Cars India Limited (HCIL) has announced that the company will increase prices of its entire range of vehicles, which will come into effect from 1st January, 2018. Honda Cars India has revealed that from January next year, its car models will be becoming dearer by up to Rs. 25, 000. The company has also sighted the rising input costs as the reason behind its decision to hike the prices of its products in the domestic car market of India.
While making the announcement, a spokesperson from Honda Cars India Ltd told the media that the company plans to increase the prices of all the car models across its lineup in India ranging between 1-2 percent from January, 2018.
The Japanese auto major has said that it needs to hike the prices of its models in order to offset the increasing input costs, which includes the cost of base metals. In the domestic car market of India, Honda Cars India offers car models which ranges from its entry-level product, the Honda Brio compact hatchback which has a starting price range of Rs. 4.66 lakhs to the line-up topping Honda Accord Hybrid sedan model that is tagged at Rs. 43.21 lakhs (all prices, ex-showroom New Delhi).
With the price hike announcement, Honda has thus joined the other two car manufacturing companies operating in India, namely Isuzu and Skoda.
The Japanese automaker Isuzu had announced its decision to hike the prices of its offerings in India earlier this month. The Isuzu SUV and pick-up truck models are set to get more expensive by up to Rs. 1 lakh in India from the month of January next year. Isuzu, which is a still a lesser known auto brand in the Indian car market, currently has a model range in the country which starts from its adventure utility vehicle model the Isuzu V-Cross with a starting price tag of Rs. 13.31 lakhs, which goes up to the range topping model trim of its premium SUV model, the Isuzu mu-X which has been priced at Rs. 25.8 lakhs (ex-showroom, New Delhi).
This year, the first automaker which announced about the price hike for its products in India, was Skoda Auto India. The Czech based auto maker has announced last month that the company will be increasing the prices of its entire vehicle range in India by 2-3 percent from January 1, 2018. Skoda Auto India’s current product range starts from the Skoda Rapid sedan which has a starting price of Rs. 8.20 lakhs and goes up to the range topping model the Skoda Kodiaq premium SUV which has been tagged at Rs. 34.50 lakhs (prices ex-showroom, New Delhi).
It is very common for the automakers in India to hike the prices of their offerings at the beginning of every new model year. Other automakers are expected to announce their price hikes soon this month.