Auto makers Honda Hyundai and Mahindra on Friday announced price hikes of up to Rs82,906 across their entire product range on account of new levies announced in the Union Budget.
The price hike effective from March 1 will be between Rs2,889 and Rs82,906 depending on the model, Hyundai Motor India ltd (HMIl) said in a statement.
The company sells a range of vehicles from entry level small car Eon with price starting at Rs3.20 lakh to luxury SUV Santa Fe tagged at Rs30.79 lakh (ex-showroom Delhi).
Commenting on the development, HMIl Senior Vice President (Sales and Marketing) Rakesh Srivastava said: “The new levies in Union Budget 2016-17 have led to price increase across the models ranging from Rs2,889 to Rs82,906...The change in price value equations could alter the overall demand, from with-in the segment to across the segments and fuel types.”
After the price hike, the price of base variants of Eon will be increased by Rs2,889, i10 by Rs3,848; Grand by Rs4,286; Xcent by Rs4,726; Elite i20 by Rs4,886; Active i20 by Rs5,857; Verna by Rs5,677; Creta by Rs27,192; Elantra by Rs45,044 and Santa Fe by Rs82,906, HMIl said.
In a similar step, Honda Cars India hiked the prices of its entire product portfolio by up to Rs79,000.
It has hiked the price of its entry-level car Brio in the range of Rs4,000 to Rs6,000, premium hatchback Jazz between Rs5,000 and Rs19,500 and mid-sized sedan City from Rs24,600 to Rs38,100.
The company has also hiked prices of multi-utility vehicle Mobilio in the range of Rs21,800 to Rs37,700 and that of its premium SUV CR-V between Rs66,500 and Rs79,000, depending upon different variants.
The company sells six models in the country, from Brio to CR-V, priced between Rs4.27 lakh and Rs25.23 lakh (ex-showroom Delhi).
Utility major Mahindra & Mahindra announced an increase in prices of its passenger vehicles by Rs5,500 to Rs47,000, effective April 1.
Prices of recently launched KUV100, however, have been hiked with immediate effect.
“In absolute terms, prices will go up by Rs5,500 to Rs47,000, depending on the model and prevailing prices,” Mahindra Chief Executive for passenger car business, Praveen Shah said.
He, however, added that KUV100, launched in mid-January will attract new prices with immediate effect. While the petrol model will be costlier by 1 per cent, the diesel model will be dearer by 2.5 per cent.
Yesterday, Maruti Suzuki India had hiked prices of its vehicles across models in the range of Rs1,441 to Rs34,494 in order to offset the impact of infrastructure cess.