The Indian unit of the US based leading car maker Ford Motors, has hiked the price of its cars in the Indian market by up to 3 percent. The new prices will come into effect from next month. The decision has been taken after weakening rupee caused a substantial rise in the price of imported component.
In a statement given to PTI, Mr. Nigel Wark said, Ford India Executive Director (Marketing, Sales and Service), "For the last three months, the rupee devaluation is happening. The rising input costs are also hurting us. We have now decided to increase the prices of all our products by 2-3 per cent."
While further elaborating the impact of weakening rupee, he said, "Our models like Figo has very high local content. However, our suppliers import technology and raw materials and they are facing the burden. Overall, our operating cost has increased in recent months."
This is the fourth occasion when the company has increased the price of its cars in this calendar year. The leading car makers including Maruti, GM India, Hyundai and Toyota have already announced to increase the price of their portfolio models in the Indian auto market.
The current portfolio of Ford India includes compact hatchback Figo, sedans Ford Fiesta and Classic, and premium Sports Utility vehicle Ford Endeavour.
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