Wednesday, November 23, 2011
By Pranjal Gera
Toyota, Chevrolet, Honda car prices to be increased, credits depreciating Indian rupee
Automobile companies in the country are all set to increase the prices of their vehicles in view of declining Indian rupee that recorded its lowest in last 32 months. The carmakers are already going through a terrible phase due to hike in petrol prices and increasing rate of interest that has led to slowdown in auto sales this year.
Mr. Sandeep Singh, Deputy Managing Director for Marketing and Sales at Toyota Kirloskar said that in sight of depreciating Indian rupee, revise in the vehicle prices will be seen from the first month of 2012. The company had previously raised the prices in October 2011 by 1 percent to 1.5 percent and now also expects to increase in the same range or even more, he added.
A price rise cannot be ruled out due to persisting decline of Indian rupee against the Euro and American dollar, said by Mr. Michael Perschke, Audi India’s Managing Director.
General Motors India Vice President, P Balendran stated that the company is under a constant worry, firstly with auto sales and now with drop in Indian rupee and it is certain that the firm will forward this increase to the auto market. As per him the usual price revise was scheduled in January 2012, but now it is expected earlier than the planned.