JSW MG Motor India said that the price increase is a result of continuously rising input costs and other external factors.
Satinder Singh Bajwa, Chief Commercial Officer, JSW MG Motor India, said, “Our dedication to quality, innovation and sustainability remains a priority and drives us to improve our offerings continuously. In doing so, minor price adjustments are inevitable to offset the rising input costs.”
Hyundai Motor India Limited (HMIL), the country’s second-largest carmaker, will increase prices across its model range by up to Rs 25,000, effective from January 1, 2025. The price increase, according to HMIL, has been necessitated owing to an increase in input costs, adverse exchange rate and increase in logistics costs.
The price hike by all the automakers aligns with the auto industry’s common practice of raising vehicle prices by 1-4% to counter inflationary pressures and other challenges. It is expected that other players will also announce a price hike in the coming days.
However, the extent of the hikes this time is anticipated to be modest, reflecting the ongoing sluggishness in the market.
Three German luxury car manufacturers — Mercedes, BMW and Audi — have announced a price hike from early next year.