Major automakers have planned to increase the price of cars in the coming year. According to the carmakers, the reason behind this hike is the rise in material cost, rising operational cost, freight charges, increase in wages and forex volatility.
Deloitte India Partner, Rajat Mahajan said, “Price hikes at the start of the calendar or financial year are common, but OEMs also align timing with their launches. The festive season delayed price revisions, but they were inevitable by Q4.”
Meanwhile, Vice President & Sector Head at ICRA, Rohan Kanwar Gupta stated, “Healthy discounts are currently available to reduce inventory, but operational costs are influencing these price corrections.”
Some of the major carmakers including Maruti, Mahindra, Tata and more have already announced about the hike in the price that will be implemented in 2025.
List of cars set for price hike:
Maruti Suzuki:
Maruti Suzuki is all set to increase the prices by up to 4% across its model range in January 2025. The price hike is going to depend on the model and the variants. This will affect the price of Maruti Suzuki Alto, Maruti Suzuki Invicto and Maruti’s premium Nexa retail channel as well
Hyundai:
Hyundai is also going to increase prices by up to Rs 25,000 across its model range. This price hike will be seen in both ICE and EV models.
Mahindra:
Mahindra Auto will raise prices by up to 3 per cent from January 2025. This hike in the price will impact passenger vehicles as well as commercial vehicles.
Kia:
Kia India is all set to increase the price up to 2%next year. This hike will impact models such as Sonet, Seltos, Karens, Carnival and the EV6.
Nissan:
Nissan India is all set to increase the prices of the Magnite by 2% in the coming year.
BMW:
BMW India has also raised the price up to 3 per cent across its model range including both ICE and EV models. The price hike will be applied on Completely Built Unit (CBU) models as well as locally assembled models.
Tata Motors:
Tata Motors is going to raise prices for up to 3& starting next year. It will also increase the prices of both ICE and EV models.
Audi:
Audi has announced a price hike of up to 3% from January 2025. This hike will be implemented on both CBU and locally assembled models.
Mercedes-Benz:
Mercedes-Benz India has announced a 3% price increase which will implemented to models coming out in January 2025.
MG Motor:
MG Motor India has also announced a hike of 3% including both ICE models and EVs.