Automaker Ford India said it will increase prices of its models by up to 2.5 percent from January to partially offset the impact of rising input costs. "We are taking this step due to increase in input price owing to high commodity prices and frequent fluctuations in foreign exchange rates," Ford India Executive Director - Marketing, Sales and Service, Vinay Raina told PTI.
Ford sells a range of models, from compact utility vehicle Freestyle (starting price Rs 5.23 lakh) to iconic sports car Mustang priced at Rs 74.62 lakh (all prices ex-showroom Delhi). Earlier in the day, Tata Motors announced price hike of up to Rs 40,000 from January 1, to offset the impact of rising input costs.
Maruti Suzuki, Toyota Kirloskar, BMW, Renault and Isuzu have already announced price hike from next month citing the impact of an increase in commodity prices and foreign exchange rates.