As the automotive industry gears up for the new financial year (FY) 24-25, several car manufacturers in India have announced plans to implement price hikes on their models. Here’s a breakdown of what to expect from Toyota, Kia, Honda, and others.
Toyota’s Price Increase
Toyota, a prominent player in the Indian automotive market, is gearing up to raise prices for certain variants of its models. The anticipated hike, expected to be around one per cent, is scheduled to take effect from April 1. The decision stems from rising input costs and operational expenditures that have impacted the company’s bottom line.
Kia
Following suit, Kia Motors has also disclosed its intentions to increase prices across its mass-market models such as the Sonet, Seltos, and Carens. The hike is projected to be up to three per cent and is attributed to escalating commodity prices, input costs, and supply chain-related challenges. Kia’s current lineup in India includes four models, including the fully imported EV6, with prices ranging from Rs 7.99 lakh to Rs 65.95 lakh.
Honda
While Honda has not yet issued an official statement regarding the precise percentage of the price hike, reports indicate that the Japanese automaker is preparing to raise prices for its entire Indian portfolio. This includes popular models like the Amaze, City (including the City Hybrid variant), and the Elevate. Honda’s vehicles in India are currently priced between Rs 7.16 lakh and Rs 20.39 lakh.
It is advised that consumers should brace themselves for the price increases across several car brands and plan their next vehicle purchase accordingly.