Saturday, March 29, 2014
By Kamal Swami
Prices of Maruti Suzuki, Hyundai and Renault cars to hike from April 1, 2014
Couple of weeks all major car making companies existing in Indian car market have announced to cut the prices of their vehicles as an impact of decline in excise duty declared by the Honorable Finance Minister of India in interim budget. Now just after couple of weeks all companies have said that they are going to hike the prices of their vehicles due to weakening condition of Indian car market and increasing cost of production. According to sources this hike may be implemented from April 1, 2014.
Apart from country’s leading car manufacturing MSIL other car making companies anticipating to hike the prices of their vehicles are Honda Motors, Tata Motors, Mahindra and Mahindra, Hyundai motors and Renault India. Commenting on the decision of hiking prices Mr. Pravin Shah, CEO, Automotive Division, M&M, said that company is speculating to hike the prices of its vehicle in the month of April, due to increasing cost of production and operational cost. On the other side MSIL’s Chief Operating Office for marketing and Sales, Mr. Mayank Pareek said, with the start of new financial year company is keeping strict watch on increasing cost of production.
It would be interested to know that despite of decline in excise duty the Indian car market did not shown any sign of improvement which has compelled car making companies to think on the issue. The price hike will be implemented on small and mid range passenger cars. If all these companies hike the prices from April 1, 2014, than it will be for the third time in span of six months when auto manufacturing companies will hike the prices of their products.
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