Friday, February 25, 2011

Maruti and Hyundai to hike prices

Maruti Suzuki, Hyundai Motors and other major car manufacturers may hike prices up to 2-3 percent in India. The reason behind it is, increasing prices of key commodities like steel and rubber. So, the price of Hyundai i20, Maruti Swift and Honda Jazz will be more than ten thousand from its existing price. Whereas the models like Toyota Camry or Skoda Superb will be costlier by over Rs 25,000.

Managing executive of Maruti Suzuki Mr. S Maitra said “There is immense pressure to increase prices as key commodities like steel and rubber have touched all-time high in recent months. While the negotiations for our new long-term supply contract are underway, suppliers are quoting much higher prices.”

A senior executive of Hyundai Motor India said “We haven’t taken a final call yet, though input cost pressures are going beyond our control.”

Deputy Managing Director (Marketing) of Toyota Kirloskar Mr. Sandeep Singh said “We evaluate our price position on three month basis and any price rationalization could happen only next month.”

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