The automotive industry holds a significant share of the manufacturing industry in the country. Hence, India stands in the top 5 when it comes to the number of cars produced. That said, due to the annual inflation and additional global economic crisis, many carmakers are reluctant to increase car prices. Compared to cars sold in other countries, vehicles in India are relatively more affordable. But will this be the case after the price hike? To answer that, let’s have a look at carmakers in India and the relative expected car price hike.
Let us begin with the number one carmaker in the country, Maruti Suzuki. This automotive giant in India is in the lead of the market for a long time now. This means many carmakers decide the prices according to this market leader.
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But as usual, Maruti Suzuki is among the carmakers that increase vehicle prices yearly. This time is also no different. But as of now, the company has not revealed the price hike. However, the price hike is expected to differ for different models from 1st January 2023.
Next up on the list is another successful carmaker in India, Hyundai Motors. This carmaker also happens to be the latest carmaker to announce a price hike. That said, like the other car manufacturers, Hyundai also stated that the hike was increased manufacturing costs and other input costs.
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This means the entire product lineup will experience a price hike. Speaking of which, as of now, Hyundai’s product line-up includes Grand i10 Nios, i20, Aura, Verna, Venue, Creta, Tuscon, Kona Electric, and Alcazar.
The next brand in India to raise vehicle prices is Renault to counter the increased input costs and inflation. As of now, Renault has witnessed a dip in sales compared to the last decade.
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In these times, it is crucial for companies to sustain their business in India, and increasing the prices doesn’t quite justify the situation. Speaking of the business, Renault has a couple of cars in its portfolio. These include Kwid, Triber, Kiger and that is it. At the moment, the company has not disclosed the percentage of the price hike.
Right now, the star of the Indian automotive industry has to be the Indian carmaker Tata Motors. This is because this is the car brand in the country that has witnessed significant growth in the last 5 years. The sales have gone up by more than 40%. But the sad news for the Tata fans and the people thinking of buying a Tata is that Tata also is in line to hike the car prices.
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Although Tata Motors has increased the prices to count the even stricter emission norms. This is stage two of the BS6 norms. So, a recap, what are the cars that Tata offers? Tiago, Tigor, Nexon, and their EV irritations. Next, the portfolio includes Harrier, safari, Punch and Altroz.
Kia Motors India
The next on the list is the Korean carmaker Kia. This car brand is also on the list of top 5 carmakers in the market and also happens to be the 5th on the list. That said, unfortunately, this brand is also increasing the prices of its cars from next year.
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Kia has multiple cars in SUV and MPV segments, and it is said that the company may increase the price by Rs. 50,000 depending on the vehicle and its variant. These vehicles include Kia Sonet, Seltos, Carens, Carnival and EV6.
Coming next to the relatively affordable carmaker MG. The Chinese-owned British carmaker MG motors are also expected to hike its cars’ prices from 2023, which is next month.
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Depending on the car and its variant, the price hike can be around 2-3% or about Rs. 90,000Well, the cars from MG that are on sale in India include Astor, Hector, MG ZS EV and Gloster.
Up next in the line is the SUV manufacturer Jeep. The American carmaker Jeep has a limited set of SUVs on sale in India. Nevertheless, you can expect the company to hike prices by 2 – 4%, depending on the vehicle and its variant. Well, as of now, Jeep offers its Compass, Meridian, Wrangler and the recently launched Grand Cherokee.
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Coming to the first premium brand in the country, Mercedes-Benz. This company is also in line to increase the prices of its cars on sale in the country. We can expect Mercedes to increase car prices by up to 5%. The price hike is highly likey to affect all the car models available in the country, which are in plenty.
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Another premium brand that is guilty of hiking the prices of its cars in the country is Audi. Audi is among the best-selling premium carmakers in India. Well, the price hike will come as a shock. Speaking of which, Audi is expected to increase the prices by up to 1.7%. This is to counter the increased input costs and also inflation.
So, these were the 9 carmakers expected to increase the car prices in India from 1st January next year.
Let us know in the comment section were you planning to buy a vehicle in the coming months. Also, will the price hike change your decision?