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Volvo Announces Price Hike on Select Models by Upto Rs 2 Lakh Due to Rise in Input Costs

Volvo S60. (Image: Manav Sinha/News18.com)

Volvo S60. (Image: Manav Sinha/News18.com)

Volvo's decision comes in the backdrop of rising input costs and weakening of the Indian currency. The last price hike was announced in 2018 and thereafter it has maintained the price line.

Volvo Car India has announced that it would be increasing the ex-showroom prices of its luxury sedan S90 and premium SUVs, XC40, XC60 and XC90. Effective May 3rd, 2021, these models will see an upward price change ranging from Rs. 1 lakh to Rs. 2 lakh.

The decision comes in the backdrop of rising input costs and the weakening of the Indian currency. The last price hike by the company was announced in 2018 and thereafter it has maintained the price line for all its products. The decision comes as a result of increased cost in production, a volatile forex situation over the years and the impact of COVID-19 pandemic on the routine business set up.

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Mr. Jyoti Malhotra, Managing Director, Volvo Car India “Our commitment to the Indian market and our customers is reflected in the fact that while the Indian auto industry went through price escalation across the spectrum, we at Volvo Cars maintained the prices of all our products for three years since 2018. We are however now faced with a situation where rising input costs leave us with no other option but to share some of these costs with the customer. We may have to relook at the prices and take further increase later in the year, depending on how input costs develop. As an organization focused on safety, we will continue to keep our promise towards our customers and prioritize their safety & well-being.”

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first published:May 04, 2021, 14:00 IST