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Lexus India on Monday announced it has hiked prices of select models it offers in the country. The list of models that have received a price revision include LC 500h, LS 500h, NX 350h and ES 300h and the hike is up to 3.2 per cent.
The hike in prices of these models have come into effect from January 1 and Lexus says the decision was necessitated by factors such as increased input cost and impact of forex fluctuations. The company is hardly the only automotive brand to have hiked prices in the new year. From mass-market manufacturers like Maruti Suzuki, Hyundai and Tata Motors to luxury car makers like Mercedes-Benz and Audi, companies have increased prices owing to factors each claims is beyond their control.
Lexus competes in the luxury car space and offers a number of hybrid electric vehicles that include the LC 500h, LS 500h, NX 350h, ES 300h. The company will also unveil its RX at the upcoming Auto Expo 2023. “We will continue to provide value to our guests through the amazing Lexus experiences during the guest’s ownership period and with our dedication to crafting a better tomorrow," said Naveen Soni, Lexus India President, in a press statement issued by the company. “While Lexus India will continue to provide unmatched experiences through the Lexus life program, it has kept the price hike impact as minimal as possible for its discerning guests."