The new year is up, and 2023’s year-end sales season will be followed by price hikes from several big players in the automotive industry. Citing reasons like inflation and rising input and commodity costs, several Indian automakers will hike prices for their vehicles effective January 2024.
Audi has announced a 2 percent price hike across its entire model range. Audi India currently sells the following vehicles in India: Audi A4, Audi A6, Audi A8 L, Audi Q3 Sportback, Audi Q5, Audi Q7, Audi Q8, Audi S5 Sportback, Audi RS5 Sportback, Audi RS Q8, Audi Q8 50 e-tron, Audi Q8 55 e-tron, Audi Q8 Sportback 50 e-tron, Audi Q8 Sportback 55 e-tron, Audi e-tron GT and Audi RS e-tron GT.
BMW will implement a 2 percent price hike across its entire model range. BMW currently sells the 2 Series, 3 Series, 5 Series, 6 Series, 7 Series, X1, X3, X5, X7, Z4, M4 Coupe, M8 Coupe, XM, iX1, i4, i7, and iX in India.
Citroen India has announced a 2.5-3 percent price hike across its model range effective January 1, 2024. It will apply to Citroen’s entire model range including the C3, eC3, C3 Aircross, and C5 Aircross.
Ducati has announced a price increase on select bikes effective January 1 2024. The rate of the price increase and applicable models have not been announced yet. The Ducati India model range includes the DesertX, Diavel, XDiavel, Monster, Streetfighter, Multistrada, Panigale, Supersport, Hypermotard, and Scrambler.
Honda will hike prices for its entire model range from January 2024. The extent of the hike has not been announced yet, but it will apply to Honda’s entire range including the City, Amaze, and Elevate.
Hyundai has announced a price hike across its entire range. The amount is unspecified, but will apply to all Hyundai models including the Alcazar, Aura, Creta, Exeter, Grand i10 Nios, i20, Ioniq 5, Kona, Venue, Verna, and Tucson.
Mahindra SUVs and commercial vehicles will have their prices hiked effective January 2024. Mahindra say that the hikes come as a result of rising commodity costs and inflation. The rate of the hike hasn’t been announced yet, but will vary across the Mahindra SUV and commercial vehicle range.
India’s largest carmaker has also announced price hikes citing inflation and rising input costs. Rates have not been announced but will vary from model to model. Maruti Suzuki’s current offerings include the Alto, Baleno, Brezza, Celerio, Ciaz, Dzire, Eeco, Ertiga, Grand Vitara, Ignis, S Presso, Swift, Wagon R, XL6, Fronx, Invicto, and the Jimny.
Mercedes-Benz has announced a 2 percent price hike across select models in its range. Models subject to the price hike have not been announced yet, but models like the GLS will cost approximately Rs 2.6 lakh more and the flagship Mercedes-Maybach S 680 will cost approximately 3.4 lakh more.
MG has announced an unspecified price hike for 2024. Specific rates and affected models have not been announced yet. MG currently sells the Astor, Hector, and Gloster alongside the ZS and Comet EVs.
Nissan has announced a revision of prices effective January 2024. The rate of the hike has not been announced, but will apply to Nissan’s only offering in India – the Magnite.
All Volkswagen and Skoda models will be subject to a 2 percent price hike effective January 1, 2024. The Volkswagen/Skoda range includes the Volkswagen Virtus and Skoda Slavia, Volkswagen Taigun and Skoda Kushaq, and the Volkswagen Tiguan and Skoda Kodiaq.
Tata will be announcing a price hike across its model range soon. The rate of the hike or the models affected have not been specified. Tata’s current offerings include the Altroz, Harrier, Nexon, Nexon EV, Punch, Safari, Tiago, Tiago EV, Tigor, and the Tigor EV.
Volvo has announced a 2 percent price hike across its model range effective January 1, 2024. Volvo currently sells the C40 Recharge, XC40 Recharge, XC90, XC60, and the S90 in India.
2024 has begun with a price hike from the attainable to the premium segments of the Indian automotive market. What effect this has on total sales remains to be seen.