Volvo India announces price hike up to 4%, cars become pricier by up to 3 lakh
Volvo Cars India on Tuesday has announced a price hike, taking the pricing of its luxury cars by up to four per cent with immediate effect. The fresh price hike comes ranging between ₹one lakh and ₹three lakh. The XC60 B5 Inscription petrol mild-hybrid model has received the highest price hike at four per cent. The luxury SUV is not priced at ₹65.90 lakh (ex-showroom). Other models impacted due to the price hike include XC40 T4 R Design petrol, S90 B5 Inscription petrol mild-hybrid and XC90 B6 Inscription petrol mild-hybrid.
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After a three per cent price hike, the Volvo XC40 now comes priced at ₹44.50 lakh, while the S90 and XC90 are priced at ₹65.90 lakh and ₹93.90 lakh, respectively. The S90 and XC90 prices have been increased by two per cent and three per cent, respectively.
The automaker has said that the consumers who have booked their Volvo cars till April 12 this year, will have to pay the old price, while the consumers who have booked their cars after that date, will have to pay the new price. This latest price increase comes as the second hike of this year, as Volvo previously announced a price increase at the beginning of 2022. The automaker claims that the latest price revision comes in the light of rising put costs due to global supply chain disruption, higher logistics cost and volatile forex situations.
Speaking about the price hike, Jyoti Malhotra, Managing Director, Volvo Car India, said that the last few months have seen disruption of global supply chains leading to an increase in inputs and logistics costs. "This has adversely impacted Volvo Car India as it has the entire Indian automobile industry. This unprecedented cost increase has compelled us to increase the ex-showroom prices of all our product offerings," he further added.