Mercedes-Benz mulls price hike to offset impact of currency volatility

With the average exchange rate of rupee for euro going up from 79 in February to 87 in August, Mercedes-Benz India's input costs have gone up.
By : PTI
| Updated on: 19 Aug 2020, 04:52 PM
Mercedes India MD Martin Schwenk (right) posing with the newly launched 2020 GLS SUV in India,
Mercedes India MD Martin Schwenk (right) posing with the newly launched 2020 GLS SUV in India,
Mercedes India MD Martin Schwenk (right) posing with the newly launched 2020 GLS SUV in India,
Mercedes India MD Martin Schwenk (right) posing with the newly launched 2020 GLS SUV in India,

German luxury car maker Mercedes-Benz is considering increasing prices of its vehicles in India to offset the impact of high currency volatility witnessed in the last six months, according to a top company official.

Compatriot Audi is also evaluating such a step although it has not set any timeline for the same. "In view of the high currency volatility witnessed since the last six months, we may look at a price revision of our product range soon," Mercedes-Benz India Managing Director and CEO Martin Schewnk said.

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He, however, did not elaborate on the exact time, quantum and range of the planned price hike. With the average exchange rate of rupee for euro going up from 79 in February to 87 in August, the company's input costs have gone up.

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(Also read: Mercedes, Audi India hope festive season to bring some cheer in sales)

Currently, Mercedes-Benz India sells a range of luxury vehicles starting from the C-Class priced at 41 lakh to AMG GT Coupe tagged at 2.5 crore.

When reached out if the company is also considering a similar move to increase vehicle prices, an Audi India official said, "We are evaluating this but there is no timeline at the moment." Tata Motors-owned JLR, however, said it has "no such plan or announcements on the anvil".

First Published Date: 19 Aug 2020, 04:51 PM IST
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