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