Kia India to hike prices up to 3% price hike on all its models, starting April 1
Upstox
2 min read • Updated: March 22, 2024, 4:10 PM
Summary
The car manufacturer said high input costs and rising commodity prices have compelled it to raise prices of its models. Kia’s hikes come after several other automakers have announced price increases owing to inflationary woes.
Kia India, on Thursday, March 21, announced its plans to raise prices up to 3% on all its models, including Seltos, Sonet, and Carens. The decision will come into effect from April 1.
The company cited expensive inputs in the supply chain, rising prices of commodities, and adverse exchange rates as reasons for its decision to hike the prices of its products.
According to a statement from Hardeep Singh Brar, National Head of Sales and Marketing at Kia India, the company is only implementing a partial price hike and is absorbing a major part of the price increase.
Kia is not the only company that is trying to offset higher input costs with price hikes. In January, Maruti Suzuki said it has planned a weighted average increase of 0.45% across its models. According to market reports, Honda Cars India is also set to implement a price hike across its lineup from April 2024. This will lead to an increase in the prices of Elevate, City, and Amaze, among others.
Mahindra and Mahindra also announced price hikes on its SUVs to balance rising input costs. Major inputs for car manufacturers include steel, rubber, plastics, and aluminum along with microchips, which are critical components for most modern cars.