Automakers in India are now confident about the market sentiments and foresee healthy sales figures in coming months. Nearly all car manufacturers are planning to hike the prices of their models by at least 2-3 percent during the festive season. With Diwali coming in middle of the month and buying season expected to reach its peak high, auto makers are planning to encash the chance to improve their profit figures.
Hyundai and Maruti Suzuki are still considering their options to increase the price of their cars. “While we are feeling the pressure of rising input costs, we are currently reviewing the situation. We have been absorbing the rising input costs for a while,” said a senior Hyundai official, the country’s second largest car maker.
Toyota and General Motors will be definitely increasing the prices. Although car models like Aveo and UVA may get expensive, General Motors does not intend to hike prices of the Spark. On the other hand, Honda will be re-launching their existing models like Civic and City but they will also be pricier than before. Auto market in India has witnessed a revival of sorts since past two months and dealers are also expecting 10-15% growth in sales in September with momentum to be carried over in October as well.
