- Cites inflation, exchange rate volatility as reasons behind increase
Honda Atlas Cars on Monday hiked prices of its entire line-up, with the increase going as high as Rs550,000. The company cited exchange rate volatility and inflation in material cost as the reason behind the price-increase.
According to a notice sent to its dealers, the company said: “keeping in view the uncertain economic conditions, inflation in material cost and volatility of forex, HACPL was compelled to pass part of this adverse impact through price increase”.
The rates will be applicable from January 23, 2023.
The carmaker raised prices of its City variants in the range of Rs300,000-330,000. The base City MT 1.2L saw its price rise from Rs3.769 million to Rs4.069 million.
The rate of high-end City Aspire MT 1.5L rose from Rs4.139 million to Rs4.449 million.
The firm raised the price of BR-V CVT S by Rs360,000 to Rs5.299 million. Additionally, the price of HR-V variants rose by Rs400,000. HR-V VTI and HR-V VTI S models now cost Rs6.399 million and Rs6.599 million respectively.
The company jacked up the price of Civic variants by Rs500,000-550,000. The rate of its Civic RS 1.5L LL CVT rose from Rs7.549 million to Rs8.099 million.
On January 13, Indus Motor Company raised prices of its entire lineup with the increase in the range of Rs280,000-Rs1,210,000.
A notification to dealers said the reasons for the price increase are higher costs in utilities and overheads.
“As you are aware, due to economic uncertainties and inflation in raw material cost, the vendor cost of production has significantly increased,” IMC stated in the notice.
“In addition, the volatile situation of forex, increase in utilities and overheads has also impacted the cost of manufacturing for IMC. Thus, this situation has made it extremely difficult for IMC to hold the current retail selling prices and therefore, we are compelled to pass on some impact to the market,” it added.