Thursday, September 08, 2011
By Pranjal Gera
After Mahindra and Toyota, now GM India plans to revise car prices
The Indian unit of the America’s largest vehicle maker General Motors said on Wednesday that it will review the prices of its portfolio vehicles in the month of September. The announcement came at a time when the leading auto makers like Mahindra & Mahindra and Toyota Kirloskar Motors have already announced to hike the prices of their portfolio models in the Indian auto market.
The statement regarding the revision of price by the firm was given by GM India’s president, Karl Slym. He was speaking on the sidelines of a conference organized by an industry body on Wednesday.
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If GM India decides to hike the price of its vehicles in September, this will be third time in this year when company will be hiking the price of its car models. The previous two price hikes came in January and April, when company blamed continuously rising prices of input materials for the price increase.
According to a statement given by an industry body, the slowdown in the demand for cars in the country is likely to affect the sales figures of car makers more than the previous predictions due to high interest rates and increased vehicle costs.
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Earlier this week, country’s largest utility vehicle maker Mahindra & Mahindra announced to hike the prices of its vehicles by up to 1.5 percent, blaming increased input material costs for the decision. Joining the league, the Indian unit of the Japanese auto giant Toyota announced on Wednesday that it will be raising the prices of the most of its car models from the starting of month of October 2011. With GM India has already announced to revise the prices in September, more and more car makers are expected to increase the price of their cars in the Indian auto market in coming months.
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The current portfolio of GM India include a range of cars in various segments such as compact hatchbacks like Chevrolet Spark and Beat, premium hatchback Chevrolet U-VA, entry level sedan Chevrolet Aveo, mid-size sedan Chevrolet Optra Magnum, premium sedan Chevrolet Cruze, sports utility vehicle (SUV) Chevrolet Tavera, and luxury SUV Chevrolet Captiva.