Ford India to hike vehicle prices from January, blames rising input costs
Ford India on Thursday said it will increase prices of its vehicles across models by up to 3 per cent from January 1 to offset the rising input costs.
The price hike will range from 1-3 per cent, translating into an increase of around ₹5,000 to ₹35,000 depending on the model, Ford India Executive Director Marketing Sales and Service Vinay Raina said.
He said the step has been necessitated due to the rising input costs.
However, those bookings which were held in 2020 will be protected from the price increase, Raina added.
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On Wednesday, the country's largest carmaker Maruti Suzuki India had announced that it would increase prices of its vehicles from January to offset adverse impact of rising input costs.
The company said over the past year, the cost of its vehicles has been impacted adversely due to an increase in various input costs. Hence, it has become imperative for the company to pass on some impact of the above additional cost to customers through a price increase in January 2021.
Maruti Suzuki had also stated that the price increase would vary for different models without specifying details.