Volvo India announces price hike of up to ₹1 lakh from May 1 onwards

Swedish automaker Volvo has announced a price hike of up to ₹1 lakh across its product portfolio from May 1 onwards. The price hike announced by Volvo comes on the back of its rivals, including Audi, Mercedes-Benz and BMW adjusting their prices.

Volvo India: Product Portfolio

The Swedish automaker currently boasts a product portfolio consisting of electric SUVs and internal combustion engine-powered SUVs, including EX30, EC40, XC60 and XC90. The company, however, has not disclosed the price hike per model.

The starting ex-showroom price of the EX30, EC40, XC60 and XC90 is set at ₹41 lakh, ₹59 lakh, ₹68.9 lakh and ₹97.8 lakh, respectively. It is assumed that the XC60 and XC90 models will witness the steepest price hikes of the four models present in Volvo’s product portfolio.

Volvo India: Reason for the Price Hike

The company has cited supply chain issues, which have persisted for a long time, coupled with foreign exchange rate volatility, as primary reasons for the price revision. Moreover, the company has highlighted that the price hike will allow the company to maintain their current standards of quality of the product, customer service, and features offered with the products, among others.

Another reason which has been attributed to this price revision by Volvo is the conflict in West Asia, particularly the Strait of Hormuz, which currently faces a bottlenecked tanker movement. The company has further stated that the automaker may have to levy further price increases should the geopolitical tensions not de-escalate or improve.

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