Mercedes-Benz Hikes Its Vehicle Prices in India By up to 4%
Maruti Suzuki India has also hiked its vehicle prices by up to Rs 61,000.
Mercedes-AMG GT R. (Image: Mercedes-AMG)
India’s largest luxury carmaker Mercedes-Benz India has announced an upward revision of the price of its entire model range effective from September 1, 2018. The price correction would be up to the range of a moderate 4% varying across the model range. The rising inflation due to geo-political dynamics, coupled with rising input costs and increasing forex rates has been exerting significant pressure on overall operations. While the INR has depreciated by more than 5% against the Euro in last 8 months, the Repo rate has gone up by 0.5% in the last couple of months. The combination of all these factors led Mercedes-Benz India to upwardly revise the prices of its entire model range and also the retail finance rates.
Roland Folger, Managing Director & CEO, Mercedes-Benz India commented, “A steady rise in input costs against the backdrop of an unfavorable forex rate and high inflationary cost together, have had a significant impact in the recent past. We have been watching this trend cautiously and avoided any price changes in the recent past. Considering the rapid depreciation of the rupee against the major currencies in last few days, we were left with fewer options, but to make some necessary price adjustments to our product range at the moment.”
Maruti Suzuki India has also hiked its vehicle prices by up to Rs 61,000. Mercedes-Benz Hikes Its Vehicle Prices in India By up to 4%
Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.
Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.
Recommended For You
- Netflix Reveals Why Pankaj Tripathi Was the Perfect Choice for 'Guruji' in 'Sacred Games' 2
- Airtel Forgot About The Home Bundle And Reliance Jio Fiber Has Stolen The March
- I'm Glad Mission Mangal Has Worked and Has Opened Up a New Genre in Bollywood, Says Akshay Kumar
- House of Cards Changed the Way I Perceived Web Shows, Says Anurag Kashyap
- Instagram Users Can Report False Content And Expect Fact Checkers to Verify it