Carmakers Honda, Tata Motors, Renault plan to hike vehicle prices from January 2022. Maruti Suzuki, Audi and Mercedes-Benz have already announced the vehicle price hike.
Price hike inevitable
“Prices of commodities, raw material and other input costs continue to rise. An appropriate price is inevitable in the near to short term, a senior Tata Motors official said.
Punch, Nexon, and Harrier are some of the models offered by the company in the domestic market.
The price increase is due to a rise in the price of commodities like steel, aluminum, copper, plastic, and precious metal. Transportation cost has gone up affecting the total cost structures of original equipment manufacturers.
