Honda Cars India plans to increase the prices of its vehicles from January to partially offset the impact of rising input costs, according to a senior company official.
The Japanese carmaker sells three models — Elevate, City and Amaze — in the Indian market.
In an interaction with PTI, Honda Cars India vice-president (marketing and sales) Kunal Behl said the company will increase the prices of its models from next month due to pressure on input costs.
“The model-wise amount of increase will be finalised by the end of this month. Our new model Elevate which was launched at an introductory price has been well received by the market with very high customer consideration. The introductory price will be valid till December 23 and price will be revised from January 2024,” he noted.
Maruti Suzuki, Mahindra & Mahindra and Audi India have also announced plans to hike prices of their passenger vehicles in January 2024 citing reasons, including cost pressure driven by overall inflation and increased commodity rates.
Besides, Tata Motors and Mercedes-Benz India are mulling increasing the prices of their models from January.
Honda Cars India on Friday reported a 24 per cent increase in wholesales to 8,730 units in the domestic market in November.
The company had dispatched 7,051 units in the domestic market in November 2022, Honda Cars India Ltd (HCIL) said in a statement.
Exports grew by over four-fold at 3,161 units last month as against 726 units in the year-ago period, it added.